Jim Mullen, Ladbrokes

Ladbrokes gains investor confidence despite earnings downturn

jimmllenDespite forecasting a 57% drop in Group EBIT earnings for its Q3 2015 performance, Ladbrokes Plc shares recorded an 8.7% gain on yesterday’s FTSE trading (closing price 109.05p per share).

Presenting the operators performance guidance, CEO Jim Mullen outlined that Ladbrokes was in the process of implementing an “organic plan to aggressively invest and grow our recreational and multi-channel customer base across UK Retail, Ladbrokes Digital and Ladbrokes Australia”.

Developing multi-channel competences will now be at the forefront of the operator’s strategy, as Ladbrokes prepares to merge with Gala Coral and create co-synergies. Updating the market Ladbrokes governance were positive of gaining regulatory approval by the Competition and Markets Authority to complete the £2.3 billion deal.

Mullen noted to investors, that Ladbrokes growth strategy had begun to take shape as the operator saw increased staking in its digital and retail verticals during the Q3 period. The CEO further detailed that new and retained customer were reacting well to its multi-channel product developments.

However Ladbrokes wagering turnaround has not been met with luck on the sporting front. The operator detailed to Bloomberg News, that although Premier League results had been favourable for the start of the 2015/16 football season, Ladbrokes had recorded a disastrous set of racing results with September’s controversial St. Leger festival proving the worst racing week in 10 years

Under Mullen’s leadership, Ladbrokes continues its senior management restructure. The company reported that former Playtech Senior Executive Nick Zajdel, a specialist in developing gaming multi-channel strategies had been appointed Managing Director of Digital replacing outgoing Andrew Bagguley

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