Ladbrokes' recent announcement of its preliminary results for the year ended December 31, 2009, revealed a loss in pre tax profit.
The results revealed a profit before tax of £191.3m from £250.7m in 2008. Group net revenue went from £1,052.9m in 2008 to £963.7m in 2009 and its cash generated by operations was £226m.
"2009 was a challenging year for Ladbrokes. We were impacted by the deteriorating economic environment and the industry-wide issue of lower third quarter gross win margins," said Ladbrokes chairman Peter Erskine.
"We recognise the likely challenges from rising unemployment and more general consumer spending headwinds.
"We have strengthened our balance sheet and are taking decisive cost actions that will leave Ladbrokes well positioned when the upturn comes," continued Erskine.
