Ladbrokes shares down on profits fall

<p>Ladbrokes has reported a fall in its profits.</p>

Profits are down at bookmaker Ladbrokes and the company's share price is down this morning (August 8th) as a result of its latest financial results.

It was confirmed by the company that its revenues from its UK betting shops has been worse than it had previously expected.

Pre-tax profits for the first six months of the year were down 49 per cent at £55.1 million, it was announced by the firm in its latest financial data.

Ladbrokes said returns from its gaming machines in July were also hit by the UK's "prolonged period of hot weather".

Despite this fall in its profits, Ladbrokes is moving forward with plans to open another 30 betting shops across the UK by the end of the year. So far in 2013, it has opened 73 new stores.

In early trading this morning, the share price of Ladbrokes has fallen sharply on the back of the news of its latest profits.

At 08:30 BST, its stocks were down by more than five per cent on the start of the day's trading.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.