Ladbrokes hit by lack of Euro bets

Published on 29/06/2012 00:00

Restrained betting on England in the Euro 2012 football tournament and delays implementing new technology hit Ladbrokes’ first half profits this year.

Chief executive Richard Glynn said yesterday he expects profits at the firm’s digital arm to be around half those seen in the first six months of last year.

But he added that he was still confident that a two-year £50 million investment will return the division to profits growth in 2013.

He added that the group should still meet market expectations this year thanks to “outperformance” in the retail business.

Analyst Nick Batram, of Peel Hunt, downgraded Ladbrokes to “hold” on valuation grounds, but added: “Credibility will take a knock but we believe a stronger digital business will emerge.”