14th Nov 2013 16:47
LONDON (Alliance News) - Ladbrokes PLC Thursday said it still expects full-year earnings before interest and tax to be within the GBP138 million to GBP151 million range that analysts are currently forecasting, as it put out a response to market speculation about recent adverse sporting results.
The company said that with a key part of the sporting calendar still to come "it is extremely premature to speculate on the outturn for the year."
The betting company has had a tough few months. In August it reported worse-than-expected first-half results which it blamed on lower gaming machine revenue and fewer people going into its betting shops, meaning less money was being bet. A month later it warned that its trading margins were still lower-than-expected across the business due to poor betting results, and results from its digital operations will be below current market expectations as it struggles to push through improvements. At that time it said the numbers going into its shops had recovered, stake sizes had increased and the performance of its machines had stabilized.
Ladbrokes shares closed down 1% at 185 pence Thursday.
By Steve McGrath; [email protected]; @stevemcgrath1
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