Ladbrokes Revenue Up 7.4% To £1.053bn In 2012

Ladbrokes Revenue Up 7.4% To £1.053bn In 2012Britain’s largest bookmaker, Ladbrokes, has released its financial results for the whole of 2012 revealing a 7.4% increase in net revenue to £1.053 billion, with operating profit also up by 8% to £206.1 million.
Breaking the figures down further, UK Retail saw its net revenue rise by 8.2% to £739.5m in 2012, helped along by favourable” sporting results in Q4. In addition, Ladbrokes’ digital division, which includes betting and gambling both online and from mobiles, saw its net revenue increase by 9% to £178.1m.
Commenting on the company’s impressive results for 2012, Ladbrokes CEO Richard Glynn, stated: “We are continuing to transform Ladbrokes, with the resilience and re-invigoration of the UK Retail estate driving another year of growth in profit per shop. The development of the Digital business is progressing well and our investment in trading systems is generating improved quality of earnings.”
One area of the business that has continued to suffer, however, is Ladbrokes poker which saw its revenue decline by 23.2% to £10.9 million in 2012 from £14.2 million a year earlier. The company’s 2012 poker results marks 3 years of successively declining revenues, which currently stand at around one-third of its 2006 level.
Looking ahead, prospects for the company look promising and as CEO Richard Glynn, explains: “2013 will see us continue to drive investment in areas where we see opportunities to grow the business. We will accelerate our programme of shop openings, focusing on areas of unmet demand. In machines, whilst the market is becoming much more competitive, we expect to generate continued growth through the use of Odds On, more exclusive games and the roll out of the latest new terminal towards the end of the year.”
After the company released its 2012 results, Ladbroke shares price was initially higher and is currently trading at 226.70p, giving the company a market capitalization of  £2,061.86m. The Investec group has already raised its rating for Ladbrokes stock from ‘hold’ to ‘buy’ and set a price target of 250p.

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