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UK – Underperforming Ladbrokes to close 50 shops

Britain’s second biggest bookmaker Ladbrokes ‘underperformed’ in 2013, reporting a 66 per cent slump in annual profits due to the cost of improving its online business. As it looks to ‘compete harder’ it plans to improve its product offering and close struggling venues.

Ladbrokes Chief Executive Richard Glynn said net profit of £67.6m was disappointing but claimed progress was being made on improving its online technology.

It highlighted a long term partnership signed with Playtech to accelerate digital revenue growth from the second half 2014 onwards and a new mobile site on the proven Mobenga platform, which was launched in December with positive early feedback.

It also launched Ladbrokes Exchange, a new poker product and Ladbrokes Innovation Lab, which will deliver ongoing mobile product improvements with three upgrades already delivered and strong future pipeline. Self Service Betting Terminals (SSBTs), Sky TV and free Wifi were rolled out across the estate in the second half of the year with expansion delivered in Spain, new product launched in China and a new opportunity secured in Australia. Its UK Retail presence grown as well with 121 new shops opened in higher footfall locations. By the end of the year though it will close 40 to 50 shops in the UK.

Richard Glynn, Chief Executive, said: “While our financial results for 2013 were disappointing, we made real operational progress which has continued into this year.  We remain confident about the direction of the business and the momentum we are creating. As we have made clear, the first half of the year is about delivery and the second half is about growth.  Our immediate focus is on the completion of our remaining platform, product and capability upgrades, notably single wallet and CRM, which will begin to deliver tangible benefits from the World Cup onwards.  The early evidence from our changes to the desktop sportsbook and to our mobile offer are encouraging, giving us confidence that where our product upgrades and improved capabilities converge behind our brand, we have a powerful proposition.  We look forward to competing even harder through the course of this year.”