16th Jan 2014 08:01
LONDON (Alliance News) - Ladbrokes PLC said Thursday that it expects operating profit for the group to meet the middle of analysts' current forecasts of between GBP129.8 million and GBP151 million, following guidance issued in November.
In a post-close trading update for the year to December 31 2013, the company also said it is working on upgrading its gaming machine estate, pledging that this project will be completed in time for the World Cup in June this year. Ladbrokes adds that its new mobile offering, on the Mobenga platform, launched successfully in December.
On November 14, the betting company said it expected to reach the analysts' forecasts, despite having a few tough trading 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.
While releasing no further financial results, the betting firm Thursday said it remains on track to deliver against its, "key strategic priorities during H1, which will in particular drive digital performance through the second half of the year and beyond."
In line with previous guidance, Ladbrokes intends to hold the total dividend per share at its current level of 8.90p per share, as paid in 2012, for 2013. The company said it will at least maintain it at this level in 2014.
Ladbrokes will release its full-year results on February 25 2014.
Shares in Ladbrokes were up Thursday morning, at 179.7 pence per share, up 3.82%, leading the FTSE 250.
By Alice Attwood; [email protected]; @AliceAtAlliance
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