Leading bookmaker Ladbrokes has reported a significant drop in profits for the year to December 31, 2013.
The company called the results “challenging financially” but cited “tangible operational progress achieved enhancing our competitive position.” Group operating profit fell to £138.3m, down 32.9 per cent from 2012, while net revenue fell by 0.6 per cent.
Richard Glynn, chief executive, said of the underwhelming results: "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, H1 [2014] is about delivery and H2 is about growth,” continued Glynn.
“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.”
He added: "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.”
The bookmaker maintained its full-year dividend at 8.9p per share and said it intended to pay out "at least" the same amount in 2014.
