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Gloucestershire Business News

Ladbrokes bet on brighter future after profit drop

Ladbrokes owners have reported a 74 per cent drop in profits for the first six months of the year, but have predicted growth for the rest of 2020.

GVC, which also owns the online betting brand bwin, revealed underlying pre-tax profit for the six months to June 30 was £55.4million.

The company expects underlying core profit for the year to be between £720-740million - down from £761million a year, but above the previous estimate of £715million.

Online sales, which jumped nearly 20 per cent, have helped to keep revenue coming in despite the closures of shops and the cancellations of most sporting events during lockdown.

Online profits surged 53 per cent to £386.6million.

Chief executive Shay Segev said: "Given the unprecedented trading environment, GVC has delivered an encouraging performance in the first half, underlining the strength of our diversified business model."

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