SBC News Voice of the Sports Betting Industry
Weekend news reports stated that Ladbrokes Chief Executive Richard Glynn’s fate would be decided by this Tuesday interim performance report. The Sunday Times had reported that a group of major shareholders were greatly concerned with the company’s performance under Glynn’s leadership.
On Tuesday Ladbrokes published a profit after tax drop of 49.8% to £23.7m for the period, with huge drops in operating profit for UK Retail (down 21.3% to £57.6m), European Retail (down 32.0% to £6.6m) and digital (down a whopping 72.2% to £3.0m).
Preparing for a further profit slump, Ladbrokes senior management had gone to great lengths to demonstrate corporate progression made in the first half of 2014. Highlighting its improved digital gaming division and new operational measures undertaken by the operator in 2014.
Amongst growing concern from shareholders, Ladbrokes Chairman Peter Erskine, stated that the changes undertaken in 2014 would translate into growing revenues and profits in the second half of the year.
Speaking to UK newspaper the Daily Telegraph Richard Glynn appeared confident that his job was safe even though he made clear that there is still “more to do” to ensure Ladbrokes starts to re-claim market share.
Glynn stated that Ladbrokes were now “a far stronger company and well positioned for growth
