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UK based betting giant Ladbrokes has released its first quarter 2013 financial report, noting a slight drop in group net revenues due to High Rolling players.
Key financial indicators or the period ending March 31st, 2013 were:
Group net revenue from continuing operations, excluding High Rollers, up 3.3%
Group net revenue down 0.9%
Group operating profit of £37.4 million, down £13 million, largely reflecting a £9 million increase in like-for-like costs and machine taxation in UK Retail as previously flagged and some £6 million less revenue from horse racing at Cheltenham.
Retail gross win margin was 3.2% for the quarter, with each shop averaging a £3,569 in gross wins per week, or 0.3% from the same period last year.
Over the counter betting results were down by 2.6% for the quarter, with losses being attributed to poor weather and turnout for the Cheltenham horse race. Sports betting had an 18.9% win margin for the company, up from 17.2% during the same period in 2012.
Grand National Racing brought in £11 million in revenue, which is up roughly £4 million from the same period last year.
Commenting on his company's performance, Ladbrokes CEO Richard Glynn said: "We have a number of initiatives in the business already underway to redress some of the areas highlighted by the first quarter’s trading. With our new sportsbook fully launched, we have a strong online offer and expect it to play a big part in growing the business, following an initial period of transition."
"Our partnership with Playtech aims to address our underperformance in gaming and accelerate our performance in mobile. We will also take the opportunity to drive efficiencies across all parts of the business.”
"We expect to begin to realise the full growth potential in our Digital business in 2014 when all of the benefits of our partnership with Playtech can be implemented, and while we have focussed resources to ensure a swift implementation, the risks of disruption from transition are inevitable, as a result of which we expect to see Digital profits decline in the current year."
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