Finance Notes: Ladbrokes Struggles As Pre-Tax Profits Plunge 66%
Ladbrokes’ pre-tax profits fell by more than two-thirds in '13, "underlining the UK bookmaker’s struggle to attract customers online and maintain its overall market share." On revenues of £1.1B, up 5.5%, group operating profit tumbled 38.9% to £144.2M. The digital business pulled in operating profits of £8.2M, a fall of 74.2% (FINANCIAL TIMES, 2/25). ... Italian Serie B club Bari "have announced plans to seek bankruptcy in order to avoid disappearing off the football map." A statement released confirming owners the Matarrese family "cannot cover the existing debts." Voluntary bankruptcy proceedings "open the door for new owners to come in or even to begin a brand new club by buying up the title AS Bari" (FOOTBALL ITALIA, 2/24).