Ladbrokes reports nearly 13% decline in Q1 revenues

Betting services group Ladbrokes Ireland suffered a decline of around 13 per cent in first quarter revenues as it made big payouts to punters who bet and won on soccer bids during the quarter.

Ladbrokes reported overall operating profits of £18.4 million (_22.4 million) for the January to March quarter of this year. The figure of overall operating profits is in line with its guidance. Group revenue slipped 2.3 per cent year on-year to £6.5 million.

The group's Irish operations net revenue slipped 12.8 per cent year-on-year in the quarter under review, mainly due to football results. Last year, the Irish business had reported a decline of nearly 30 per cent in operating profits, but an increase of 1.1 per cent in net revenue.

However, Ladbrokes CEO Richard Glynn said that the business delivered operational results that are either on track or ahead of the group's plan.

Commenting on the results, Glynn said, "Our financial performance remains consistent with our expectations at the time of our annual results announcement in February."

At the time of announcement of 2013 annual results in February this year, the bookmaker had said that its Irish division had endured a difficult year, with gross win rising only marginally and operating costs soaring by 7 per cent.

Ladbrokes operates nearly 2,300 outlets in the UK.