Ladbrokes First-Half Profit Falls

Ladbrokes PLC

reported a fall in its profit during the half year ended June 30. The company's pretax profit for the period dropped to 27.7 million pounds ($46.7 million), from GBP55.1 million, in the year-ago period. Its total earnings per share slipped to 2.6 pence, versus 5.1 pence, in the year-ago period. Excluding exceptional items, the company's earnings per share came in at 5.3 pence. Its net revenue rose 4% to GBP589.3 million from GBP566.5 million. Excluding High Rollers, the company's revenue rose 2.6% to 577.8 million pounds. On a pro-forma basis, Ladbrokes' revenue jumped 3.0% to 589.3 million pounds. Excluding exceptional items and one off costs, the company's pretax profit fell 28.9% to GBP54.7 million from GBP76.9 million. Richard Glynn, Chief Executive, said: "In the first half of 2014 we successfully delivered all of the planned operational improvements in time for the World Cup.” Ladbrokes shares gained 3.18% to close at $2.27 yesterday.