Ladbrokes announces 28 per cent drop in profits for 2009

Thursday 18th February 2010

UK betting firm Ladbrokes has described last year as a "challenging" one after revealing profits fell by 28 per cent as a result of the economic crisis.

However, despite a bad start to 2010 due to many sports fixtures being cancelled because of severe weather conditions, profits were up in January.

The financial downturn meant profits in 2009 fell from £265.6 million to £191.3 million, but added that this year could prove a winner with punters heading back to the bookies to bet on the football World Cup.

The company's chairman, Peter Erskine, said: "2009 was a challenging year for Ladbrokes.

"We were impacted by the deteriorating economic environment... however, Ladbrokes continues to be a profitable and cash generative business."

Staff at Ladbrokes are facing a pay freeze until next year, and the company added it would continue to invest in its online betting arm. ADNFCR-1783-ID-19623231-ADNFCR

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