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Ladbrokes boosted by strong bingo results

Posted by admin on September 30, 2011

Ladbrokes boosted by strong bingo results
LONDON – Ladbrokes produced a strong set of trading results which were boosted by a 13% growth in revenues in their online bingo business. Ladbrokes Bingo only saw a one per cent rise in their active player numbers in the three months from July to September 2010 but their player base increased losses by 11 per cent. Ladbrokes Bingo operate on Virtue Fusion software and Ladbrokes have been pushing their bingo hard in recent weeks, with their Free Bingo product now having its own tab on the navigation of Ladbrokes’ home page. It is thought that the record £3.5 million progressive jackpot on the Clover Rollover slot will have also contributed to increased revenue as players chase a life changing payday for just a £1 stake. Across Labrokes as a whole, the online part of the business saw a 17% growth in revenue and across the entire company net revenue was up 12 per cent and operating profit, excluding high rollers, was up 128%. However the company acknowledged that the like-for-like comparisons were not difficult to out perform, given how dismal previous trading had been. Richard Glynn, the recently appointed Ladbrokes chief executive, said: “Although bolstered by successful latter stages of the World Cup and an easy comparative period, the growth rates achieved in the third quarter give the Board confidence that the Group is on track to meet its full year expectations. “Ladbrokes has a great brand and a strengthened management team determined to drive operational improvements going forward. Though much remains to be done, I am encouraged by the progress we are making across the Group and I look forward to updating the market in February 2011.”

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