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Ladbrokes has released its first half results, and the news is negative.
The online and land based casino group is reporting that first half pre tax profits dropped by 33% to £76.6 million. This is sharply down from the £114.7 million Ladbrokes brought in during the first half of last year.
Analysts expected lower results, of between £77 million and £84 million, however Ladbrokes failed to meet the analyst predictions.
Ladbrokes remains cautious about the yearly outlook as the British economy is currently struggling, but says the company that was founded in 1886 remains on target to meet expectations of £159 million for the year.
"Whilst remaining mindful of tough economic conditions and continuing uncertainty affecting consumer disposable incomes (in the UK), we remain in line with board expectations for the full year," a company statement said.
Ladbroke's online casino and bingo businesses were positives for the gambling giant, with net revenues slightly ahead of pace in the first half. However online poker was the big loser, with a 30.8% decline compared with the same period last year, down to £7.4 million.
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