Ladbrokes loses some money

26 February 2014

Ladbrokes

The bookies Ladbrokes have reported a sharp fall in profits during 2013.

Pre-tax profits for 2013 were £67.6m, down 66% on 2012, these were brought by £51.6m due to large costs driven by a software upgrade of its online counterpart.

The company also plans to shut around 40-50 shops in 2014.

Chief executive Richard Glynn admitted the results were "disappointing", but insisted Ladbrokes had made "real operational progress".

Ladbrokes had originally worked with software developer Playtech last year, but are now switching its gaming products to a new system, which they hope to have ready for action in time for the World Cup in Brazil.

Last September, the bookmaker had already issued its fourth profit warning in just over a year, after it admitted that the Playtech situation hadn't gone quite as planned.

But hey, that's gambling.

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