Digital the key for Ladbrokes as revenue rises in first quarter

Digital the key for Ladbrokes as revenue rises in first quarter

Thursday, April 21, 2016 Totally Gaming
Digital the key for Ladbrokes as revenue rises in first quarter

Following significant growth within its digital business, Ladbrokes has been able to report a year-on-year increase in group revenue for the opening three months of the year, with chief executive Jim Mullen anticipating further success this year.

Revenue for the three months through to March 31 grew by 10.6 per cent on the corresponding period last year, with the bookmaker also reporting year-on-year growth across its entire business.

Digital proved to be the most successful in terms of year-on-year growth, with revenue up 36.5 per cent. UK retail net revenue increased by 4.1 per cent, while European retail net revenue was also up 6.5 per cent.

Further afield, Ladbrokes Australia noted a 38.4 per cent year-on-year hike in revenue.

Reflecting on the results, Mullen paid tribute to the company's ongoing strategy, which was implemented in July of last year, and he said has had a major impact on the business as a whole.

“Since July 2015 we have been successfully implementing our strategic plan and the encouraging customer metrics we saw at the end of the year have continued during the first quarter of 2016,” he said. “We will continue to deliver the strategy I laid out last summer to engage the recreational customer and reinforce our status as the nation's favourite bookmaker.

“Our focus remains on best-in-class customer service, superior quality of product and maximising the multi-channel potential of our business. We continue to be pleased by the reaction to our increased marketing, our products and multi-channel proposition.

“We are currently a little ahead of our plans on key customer metrics and benefited from favourable results up until Cheltenham; however, experience tells us to expect results to normalise over time. 

“We remain confident to deliver a result in line with our expectation.”

TotallyGaming.com says: “Mullen’s strategy had a positive impact in the second half of last year and has continued to do so in the first quarter. Should this trend continue, Ladbrokes can look forward to a much better year than 2015, in which it suffered heavy losses.”

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