Ladbrokes 1H15 profit slumps on expense costs

Ladbrokes Plc posted group operating losses of £41.4 million ($64.4 million) after tax for the six months ending 30 June.

As analysts predicted, Ladbrokes’ retail betting division had been hit by a £51.8 million impairment charge following a strategic review of its 2169 betting shop portfolio. The write-down of retail assets would form part of £79 million in expenses incurred by the operator during the period.

In its presentation, Ladbrokes governance had little cheer about as group revenues for the opening six months of 2015 remained flat at £588 million. The operator would record a total group operating loss of £37.2 million.

Ladbrokes governance stated that its operations had met ‘externally imposed headwinds’ during the period which included the introduction of the UK POC, additional machine game charges and grey market withdrawals.

Read more: http://www.sbcnews.co.uk/retail/2015/8/11/79-million-expense-costs-see-...

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