Ladbrokes tumbles to £51.4m half year loss

The bookmaker tumbled into the red after taking a £78.9m charge largely due to a write-down in value of shops in UK and Ireland, and the cost of closing down a number of them.

Chief executive Jim Mullen said the aim to “create a better business” with clear targets over the next couple of years removed “short-term thinking that had come to dominate our actions”, but would hit current profits.

Mr Mullen, who took over as boss earlier this year, added: “Our first-half results reflect the challenge facing Ladbrokes. While we have some encouraging customer trends, we need to reset the business and invest.

“The results clearly show why we need to change, and why we need to do so quickly.”

Headline revenue rose 1.3 per cent to £585.4m for the six months to the end of June. The rise would have been 4.2 per cent excluding the impact of last year’s World Cup.

Turnover from UK betting shops was up 1.2 per cent.