UPDATE 1-Ladbrokes sees H1 digital profits well down on last yr
LONDON, June 28 (Reuters) - Britain's second-biggest bookmaker Ladbrokes said on Thursday profits from its digital division would fall more than expected in the first half due to a delay in technology upgrades and a poor sportsbook margin.
Ladbrokes, which has been talking up its investment in its internet business in recent months, said it now expected digital profits in the first half to be down further than expected, at around half that delivered in the first half of last year.
However, due to a stronger performance in other parts of the business including the retail division, Ladbrokes expects to meet overall market expectations and believes it will grow digital profits in 2013 and beyond.
"As stated previously, we anticipated that the phasing of our investment programme, increased marketing expenditure, planned operational losses associated with new international licences and the withdrawal from certain international markets would result in a decline in digital profits year over year," the group said.
- Police hunt for motive as search for Malaysian jet spans hemispheres |
- Crimeans vote on union with Russia as troops build up rapidly |
- Malaysian PM says lost airliner was diverted deliberately |
- Democrats seek ways to limit Obamacare fallout after Florida defeat
- Indian Ocean poses daunting challenge in search for missing Malaysia plane