Ladbrokes, the online betting services provider, is reported to have registered a 13% rise in revenue at the end of the second quarter of 2016.
The gaming operate is reported to have earned 661.8 million pounds during the previous six months and their pre-tax profits surged 61% to 39.8 million pounds.
The operating profits, according to the Ladbrokes officials, was up 34% to 52.3 million pounds, which was more than they had expected, while the revenue from its digital operations was up 41% to 158.1 million pounds.
CEO Jim Mullen, who is in his second year at the helm after taking over in April last year, reported that “These numbers show customers are responding positively to the new strategy at a time when the sporting gods have generally been on our side and we’ve enjoyed some helpful bookmaker-friendly results. This combination has helped boost profits in the first half of the year.”
Furthermore, Ladbrokes is planning a merger with Gala Coral in autumn this year. The Competition and Markets Authority, the chief regulatory agency in the business, ruled that Ladbrokes and Gala Coral need to sell 350-400 shops in order for them to go ahead with the planned merger. Accordingly the Ladbrokes officials said that they are engaging with potential buyers to make sure that they can complete the merger by autumn.
“With the merger on the horizon we recognize that there is a lot of hard work still to come, but this is an exciting time for Ladbrokes and we approach the opportunities ahead with a strong sense of confidence.” Jim Mullen said on the question of their highly anticipated merger.