Ladbrokes Profits Up Strongly On Bookie Friendly Results
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Ladbrokes profits up highly on 'bookie friendly' results
Ladbrokes has reported a ₤ 25.2 m earnings for the very first six months of the year compared with in 2015's ₤ 51.4 m loss.
The bookmaker says this promotion code strong, external performance is in part due to "sporting gods" being on its side.
It mentions a run of "bookmaker friendly" outcomes, like that of the European Championship, where and Northern Ireland left early.
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Ladbrokes, which plans to merge with rival Coral, says a run of "consumer friendly" results will follow.
It states it remains in talks with potential purchasers for around 400 stores it needs to cost the merger to go through.
The results show that customers are responding positively to the yohaig code company's new technique "at a time when the sporting gods have usually been on our side and we've delighted in some valuable bookmaker friendly results", said primary executive, Jim Mullen.
"History would strongly dictate that such a run of lead to our favour would see consumer staking suffer, but encouragingly these numbers strongly buck that trend and combine strong staking and a great margin."
"However, 130 years of experience in sports wagering has actually shown us that we will sustain a run of customer friendly results and margins will normalise," he added.
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Ladbrokes, the UK's second-biggest bookie, announced its planned ₤ 2.3 bm merger with Gala Coral, the yohaig code third-biggest, in July last year.
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The bet9ja's welcome offer will make it the largest bookmaker in the country, however last month the Competition and Markets Authority, external stated it had identified 642 cities where the merger would strike competitors.
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It stated the two business need to bet9ja's welcome offer in between 350 and 400 buy the merger to be cleared.
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In its results statement, Ladbrokes said it was "engaging" with possible purchasers and remained enthusiastic that a competitive process might be finished by the end of September. It would then look to start "significant" restructuring of business before completion of the yohaig code year.
Ladbrokes' shares were up 5% in early morning trading.
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