In the company’s preliminary results for the year ended 31 December 2014, statutory revenue of £1.17bn, up from £1.12bn in 2013, and statutory pre-tax profit of £38m, down from £68m in 2013, were revealed.
Commenting on the results, Ladbrokes chief executive Richard Glynn said: “Strong operational delivery delivered a second half of growth as envisaged but the £8m hit on Boxing Day did take some of the shine off our performance. “However, this is the business we are in and does not overshadow the positive customer reaction. Ladbrokes exited 2014 with pleasing operational metrics and is in good shape to compete even more effectively with a clear view on what more needs to be done.”
On the back of its profits fall, Ladbrokes plans to close 60 UK shops during 2015 from its stable of 2,000 locations. Glynn will also be stepping down as chief executive, as announced in December, and a search is under way for a new head. Glynn was hired in April 2010 as CEO to oversee a five-year recovery plan. Speaking then, he said: “It has been a privilege to lead Ladbrokes over this crucial phase. I am very proud of the resilience and professionalism the team has shown during this intense period of activity. It is the right time for Ladbrokes to identify my successor.” Read more about recent company results:
- SuperGroup suffers share price drop after COO’s sudden resignation
- Christmas less than sweet for Thorntons following profit warning
- Online takeaway service JUST EAT finishes 2014 with a flourish
Share this story