Ladbrokes hails revenues record

Ladbrokes announced record takings from its UK betting shops today after a run of favourable results and another surge in revenues from gaming machines.

Ladbrokes hails revenues record

Ladbrokes announced record takings from its UK betting shops today after a run of favourable results and another surge in revenues from gaming machines.

Annual retail turnover of £739.5m was up 8.2% on a year earlier and came despite a significant

rise in cancelled horseracing meetings due to bad weather.

The company’s gross win margin, which measures the amount left by losing punters, was up more than one percentage point to 16.7% following good results in football and racing and improvements in Ladbrokes’ own pricing.

The run of good form, which included the exit of Chelsea and Manchester City from the Champions League, has continued into the new financial year, with retail revenues up 4.9% in the period up to February 12.

There was also a revenues rise of 13% for its digital arm at the start of 2013 as the company gears up for the launch of its new sportsbook website and mobile gaming platform over the first half of this year.

Their launch will address concerns that Ladbrokes has fallen behind its rivals in terms of its digital offer.

Across the group, Ladbrokes said pre-tax profits were 49% higher at £200.7m in the year to December 31.

Profit per shop was up for the third consecutive year, by 15.7% to £82,000, and Ladbrokes said it expected to open another 100 new outlets in the UK this year, on top of the 2,700 sites in the UK, Ireland, Belgium and Spain.

Gaming machine revenues have been a big driver of growth in the industry but Ladbrokes warned it expected rates to slow as the market becomes more competitive. It has also been hit by a new 20% machine gaming duty this year.

With an average of 8,345 machines in the UK estate last year, revenues in this area were up by 13.9% to £339.9m. Gross win per machine was £946 a week.

more courts articles

Man (25) in court charged with murdering his father and attempted murder of mother Man (25) in court charged with murdering his father and attempted murder of mother
Man appears in court charged with false imprisonment of woman in van Man appears in court charged with false imprisonment of woman in van
Man in court over alleged false imprisonment of woman Man in court over alleged false imprisonment of woman

More in this section

FILE PHOTO The Competition and Consumer Protection Commission has cleared the purchase of Goodbody Stockbrokers by AIB END Goodbody Stockbrokers fined over €1.2m by Central Bank over rules breaches
Nottingham City Centre Stock Irish staff at the Body Shop wait for wages as retailer shuts stores in the Republic
Ryanair comments on Norwegian Ryanair boss O'Leary's spat with Transport Minister over Dublin Airport escalates
IE logo
Devices


UNLIMITED ACCESS TO THE IRISH EXAMINER FOR TEAMS AND ORGANISATIONS
FIND OUT MORE

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
ie logo
Puzzles Logo

Play digital puzzles like crosswords, sudoku and a variety of word games including the popular Word Wheel

Lunchtime News
Newsletter

Keep up with the stories of the day with our lunchtime news wrap.

Sign up
Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited