Ladbrokes CEO Promises Turnaround
Ladbrokes new CEO Richard Glynn has promised a swift turnaround for his company following news of a 6 percent drop in net revenue. Glynn joined the company in last month.
"In recent times the strength of our brand has diminished. In online and offline areas, we feel the need for Ladbrokes to regain its primacy," CEO Richard Glynn told the Wall Street Journal "We will be looking at every area of the business. We will be leaving no stone unturned," Mr. Glynn said, without elaborating.
In addition to the more than 2,700 retail bookmaking shops in the United Kingdom, Ladbrokes also offers successful online gambling ventures related to sports, poker and casino games.
Ladbrokes said profitability for the first four months of the year was in line with its forecasts, but its outlook remained cautious.
"The economic environment remains challenging and the strength of U.K. consumer confidence post the election is difficult to gauge. However group profitability year-to-date has been broadly in line with expectations," it said in a statement.
The group's results are disappointing considering that rival William Hill posted a modest increase in first-quarter earnings.
High roller operating profit fell to £8.9 million from £25 million. U.K. retail shops witnessed an 8 percent drop while over-the-counter revenue fell 11 percent.
One bright note: Online operating profit rose 41 percent thanks to relocation to the tax haven of Gibraltar, though net revenue was down 2 percent.
Aaron Goldstein, Gambling911.com
