Ladbrokes has reported that the six months preceding 30th June saw a return to bottom line profits. This return was across several different parts of the organisation, and is proof of the increasing levels of success enjoyed by the betting giant.
The gambling company issued separate reports of their financial status for the six month period. The bottom line profits were released at the same time as details of the organisation’s headline earnings.
Headline earnings represent the profits made from all operational activities and from capital investments, but excludes profits generated by other means. The headline earnings reported by Ladbrokes included means of doing business that were brought to an end during the six months before 30th June.
Jim Mullen is the Chief Executive Officer for Ladbrokes, and has said that the improved finances of the company are largely the result of being able to attract and retain an increasing number of recreational customers. Ladbrokes have also been helped in their fortunes by favourable results from recent sporting events.
The bottom line profit generated by Ladbrokes operations overall was £37.7 million. This figure is especially impressive when compared with the same period of time last year. In the six months leading up to 30th June in 2015, Ladbrokes operations experienced a loss of £37.2 million.
Pre-tax Profits Improve
In the months leading up to 30th June 2015, the organisation reported a massive loss in pre-tax profits – a loss that totalled £51.4 million. The pre-tax profits for 2016 have improved hugely, with Ladbrokes reporting a figure of £25.2 million.
Jim Mullen is delighted about the great results in the new financial report. He says that ‘These strong numbers show how customers are responding positively to the new strategy at a time when the sporting gods have generally been on our side and we’ve enjoyed some helpful bookmaker friendly results’.