November 14, 2013 / 5:01 PM / 4 years ago

Ladbrokes says still on course to hit profit forecast

LONDON, Nov 14 (Reuters) - British bookmaking group Ladbrokes said it remained on track to hit latest analyst profit forecasts for the year, responding to speculation that it could be forced to cut estimates again because of unfavourable sports results.

“Current expectation for Group performance for 2013 remains within the range of analyst EBIT forecasts for the full year (138 million - 151 million pounds),” the company said in a statement.

“But with a key part of the sporting calendar ahead it is extremely premature to speculate on the outturn for the year,” it added.

Ladbrokes shares lost 3.5 percent on Thursday to close at 180.2 pence amid speculation that it would struggle to hit the consensus figure.

Ladbrokes, Britain’s second biggest betting company, cut its profit forecasts as recently as September, hit by weakness in its online business.

It was the latest in a series of profit downgrades that have put pressure on Chief Executive Richard Glynn, who took charge of the company in 2010.

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