Ladbrokes says conditions have been "challenging"
The betting company Ladbrokes has warned that profit will fall short of expectations because of a disappointing performance in its online business.
Profits for its online arm will be in the range of £10-14m this year, far short of the £27.5m which had been expected, the company said in a statement.
Chief executive Richard Glynn said that conditions had been "challenging"
Ladbrokes has already issued one profits warning this year.
Last month the company reported a steep decline in profits, as a slowdown in gaming machine revenues dented its figures.
Pre-tax profits for the first six months of 2013 were down 49% from the same period last year, falling to £55.1m,
In the latest trading update, which was brought forward from next month, Mr Glynn said: "Our digital earnings have been disappointing reflecting a lack of competitiveness in sportsbook, lower margins than planned, and a greater disruptive impact than expected from the transition necessary to grow digital for the long term".
Source: BBC News - Business http://www.bbc.co.uk/news/business-24280222#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
