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22.05.12

The UK online and land based gambling operator, Ladbrokes has released its third quarter results for 2011 showing a decline in operating profits even though revenues rose marginally.

The period which ended 30th September showed:

* Group net revenue up 2.5 percent.

* Group operating profit of £ 49.7 million was 2.7% lower year-on-year (up 8.5% if the impact of the World Cup betting in 2010 - £ 5.3 million - is excluded.)

* Growth of 2.0% in UK Retail net revenue

* Growth of 6.4% in sportsbook amounts staked and increase in sign-ups of 86% since the start of renewed marketing in August.

* Significant expansion of Bet in Play with increase in football events from 200 per week in August to 500 in October and expected increase to an average of 700 from November.

* Agreements with three new suppliers of [online] casino slots with 31 new games added since August

* Net debt has been reduced by £ 38.1 million

Richard Glynn the Ladbrokes CEO added:

Source: BingoSupermarket