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After a strong performance, Ladbrokes have announced their first annual loss in ten years. This comes after the UK bookmakers attempted to turn its under-performing digital operations around. Could this be the beginning of the end?
Lawsuit
This news come after Ladbrokes lost more than £43 million in a tax-avoidance lawsuit last year – a startling turnover from 2014 where the company earned £37.7 million. The company had been involved in suspicious tax avoidance activities after lawyers found a legal loophole. In response, HMRC came down with full force on the bookmakers and other major corporations.
Ladbrokes online
In addition to this, Ladbroke’s entire online operation hasn’t been all smooth sailing. It’s estimated that they’ve spent £99 million in an attempt to restore its Irish retail operations and help their upcoming merger with the Gala Coral Group.
Ladbrokes /Coral merger
Nevertheless, Ladbroke’s CEO Jim Mullen is optimistic. He revealed that the 2015 numbers reflect a ‘good start’ to the operator’s rejuvenation scheme, which they hope will restructure the entire company. Mullen’s also believes that Ladbrokes will be back on track in 2017.Meanwhile, shareholders of Ladbrokes may stick around but everyone is seriously concerned. Many other companies are crying out over the Ladbrokes/Coral merger as they feel it will monopolise the industry. If the merger is successful, the company could gain £1 billion each year.