Ladbrokes share price drops on trading update

<p>Ladbrokes has warned trading was worse than expected in the first quarter.</p>

Ladbrokes saw its share price drop after the company revealed its trading during the first three months of the year was worse than it had expected.

The firm revealed in a statement that profits for the whole year were likely "to be at the bottom" of analysts' forecasts, with reasons given for the fall including a drop in profits from the Cheltenham Festival and lower revenues earned from high value gaming customers.

Chief executive Richard Glynn explained Ladbrokes is making progress on its "reinvigoration strategy" despite trading conditions he described as difficult.

Stocks in the bookmaker fell by close to six per cent this morning (April 15th) on the back of the news and at 08:19 BST were recorded at 194.50.

Ladbrokes revealed that its operating profit fell to £37.4 million in the three months to March, down £13 million from the previous three months. This is expected to have a major impact on its earnings for the year as a whole.

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