11th Aug 2008 07:03
Ladbrokes plc
11 August 2008
Correction Notice for Interim Results for the half year ended 30 June 2008
Ladbrokes plc (the "Group) today announces that there are two corrections to its Interim Results for the half year ended 30 June 2008, announced on 7th August 2008. These corrections do not affect the Group profit numbers.
The Group noted that its "Other European Retail - Ireland" section of the Business Review contained two errors regarding its like for like gross win and cost figures. The text stated that like for like constant currency gross win increased by 1.7% whereas it should have read declined by 4.4%. The text also stated that like for like costs, excluding Turf TV, were up by 2.9% whereas it should have read 5.7%. No other changes were required to be made to the Group's disclosure in the Interim Results for the half year ended 30 June 2008.
The corrections do not impact the Group's outlook statement that it currently remains on track to meet its full year expectations.
The amended section appears below.
Other European Retail - Ireland
|
Ireland |
Half year ended 30 June 2008 |
Half year ended 30 June 2007 |
Yr on yr change |
Year ended 31 December 2007 |
|
£m |
£m |
% |
£m |
|
|
Gross win |
47.6 |
32.8 |
45.1 |
61.8 |
|
Profit from operations* |
15.5 |
12.5 |
24.0 |
20.1 |
|
* Before non trading items |
||||
Ladbrokes is now the largest operator in both Northern Ireland and the Republic of Ireland. The acquisition of the 54 shop Eastwood chain in February and six McCartans shops in April increased our scale in Northern Ireland to 76 shops as at 30 June 2008. The acquisition of a further seven shops in the Republic of Ireland brings our total there at 30 June 2008 to 206 shops. These acquired shops are all rebranded and are trading in line with our expectations.
Overall gross win in Ireland increased by 45.1% to £47.6 million reflecting the benefit of the acquisitions and favourable exchange rates. Like for like constant currency gross win declined by 4.4%.
Operating costs in Ireland rose by 59.2% to £28.5 million (H1 2007: £17.9 million) principally due to the increase in shop numbers, with like for like costs, excluding Turf TV, up by 5.7%.
Enquiries to:
Kate Elliott, Head of Investor Relations +44 (0) 207 355 0340
Related Shares:
Ladbrokes Coral