UK retail and online betting giant Ladbrokes has posted their full year 2015 financial results, noting that the company took a loss of £43.2 million due to tax liabilities in the UK.
Key financial indicators for the full year 2015 were:
- A net loss of £43.2 million for the year, which is down from the £37.7 million the company made in profit last year.
- Revenues up 2.1% to £1.2 billion
- Taxes up by £50 million
- £99 million in merger costs and write-offs
- Digital Net Revnues up 12.9%
- Australian operations saw a 65% increase in activity and 71% rise in net revenue
Commenting on his company's performance Ladbrokes CEO Jim Mullen said, "I am pleased to be able to report a good start to the delivery of the strategy outlined in July. Although it remains early days there is positive progress to report. In UK retail, self-service betting terminals are delivering growth, football is up and our retail team are delivering strong multi-channel growth."
"The full-year figures reflect the costs needed to undertake significant investment to deliver the strategy as well as facing circa £50 million of increased taxation."
"While it is pleasing to report that after two quarters we have made a good start, we are only at the beginning of the journey. Therefore, 2016 will see the same focus on winning more recreational customers, excellent operational delivery and a performance driven approach as the basis for delivering on our clear 2017 financial targets."