Ladbrokes profits up highly on 'bookmaker friendly' results

Ladbrokes has reported a ₤ 25.2 m revenue for the yohaig code first 6 months of the year compared to last year's ₤ 51.4 m loss.

The bookie says this promotion code strong, external performance remains in part due to "sporting gods" being on its side.

It cites a run of "bookmaker friendly" results, like that of the European Championship, where England and Northern Ireland exited early.

Ladbrokes, which plans to combine with rival Coral, states a run of "client friendly" outcomes will follow.

It states it remains in talks with possible buyers for around 400 stores it has to cost the merger to go through.

The results reveal that customers are reacting positively to the company's brand-new strategy "at a time when the sporting gods have actually generally been on our side and we have actually taken pleasure in some helpful bookie friendly outcomes", stated president, Jim Mullen.

"History would strongly determine that such a run of lead to our favour would see client staking suffer, but encouragingly these numbers firmly buck that pattern and combine strong staking and a great margin."

"However, 130 years of experience in sports wagering has revealed us that we will sustain a run of customer friendly outcomes and margins will normalise," he added.

Biggest bookie

Ladbrokes, the UK's second-biggest bookmaker, revealed its organized ₤ 2.3 bm merger with Gala Coral, the third-biggest, in July last year.

The deal will make it the biggest bookmaker in the nation, however last month the Competition and Markets Authority, external stated it had actually determined 642 areas where the merger would strike competition.

It said the yohaig code two business should sell between 350 and 400 shops for the merger to be cleared.

In its outcomes statement, Ladbrokes stated it was "appealing" with possible buyers and stayed confident that a competitive process might be finished by the end of September. It would then want to start "considerable" restructuring of business before completion of the year.

Ladbrokes' shares were up 5% in early morning trading.