The Sunday Times reports that shareholder pressure is mounting on Ladbrokes Chief Executive Richard Glynn
The Newspaper claims that a group of top-level shareholders of Ladbrokes are currently waiting on the publishing of the operators interim financial report . The Shareholders will than ask the board to remove Glynn from company operations.
According to the Ladbrokes consensus forecast, revenues in the first half of 2014 will tumble 41.8% to £329.5 million, while pre-tax profits are expected to crash 44.7 % to £42 million, continuing the operators troubled performance, witnessed in 2013.
One leading shareholder, who the Sunday Times did not name stated: “What we need to see is signs of operational improvement. There needs to be, at a minimum, an improvement in machine takings and evidence customers are being won back. If we don’t get a clear picture on that, he’s toast”.
“A number of other shareholders have had conversations with the chairman to say that this cannot go on.”
Richard Glynn began 2014, by stating that Ladbrokes would undertake a comeback in its business and financial performance. Ladbrokes senior management had undertaken several cost cutting measures to improve company value and performance, furthermore the operator had signed an operational partnership with igaming technology developer and services provider Playtech.
Glynn and the Ladbrokes board had stated that the operator would begin to see an improvement by the World Cup 2014, with Ladbrokes pushing new products and content on multiple devices.