Ladbrokes' Profits Fall 60% From '14 On 'Unfavorable Results, High Rollers'

Ladbrokes "blamed 'the worst' sports results for seven years" for a nearly 60% drop in its quarter-on-quarter profits, according to Malcolm Moore of the FINANCIAL TIMES. Profit before tax and excluding one-off costs was £14.3M in the first three months of the year, compared with £35.6M in the last three months of '14. The company's share price fell 2.83% in early Wednesday trading to 103.1p. Ladbrokes CEO Jim Mullen said that Britain's second-largest bookmaker "needed to build a greater base of recreational gamblers to absorb the hit from unfavourable results and high rollers." Mullen: "A small number of high rollers inflicted a significant, single-digit millions loss ... which is not expected to reverse" (FT, 4/22).