Ladbrokes has reported a 60% rise in pre-tax profits before finance costs and non-trading items in full-year earnings to £420m compared with £262.2m in 2006, thanks to a strong performance by the company’s telephone betting business.
Ladbrokes’ gross win for the period rose 29.9% rise to £1.3bn, compared with £990m in 2006. The company’s egaming division performed well, pre- tax profits before finance costs and non-trading items rose to £55m, compared with £44.3m in 2006. Egaming gross win increased to £156.5m, compared with £144.4.m last year.
Sportsbook net revenue increased 14.7% to £52.2m, compared with £45.5m in 2006 and margins came in at 7.2% compared with 6.4% in 2006. Casino net revenue rose 5.1% on 2006 to £43m while poker net revenue fell 11.4% to £31m, reflecting the continuing competitive environment in European poker. More on this later.