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Ladbrokes posts double digit half year profit rise

The betting company outlines delivery of technology projects following delays

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Ladbrokers reported a double digit rise in half yearly operating profit as the bookmaker pledged to focus on technology updates due to a dip in digital profits, the betting company said on Thursday.

The company on Thursday posted a rise in revenue and operating profit of 8.4 percent and 11 percent respectively for the six months to 30 June 2012.

Ladbrokes said it would focus on delivering several key technology developments in the second half of the year following a fall in digital profits to £15 million, down 49.5 percent from £29.7 million.

The betting company had anticipated a drop in digital profits due to increased marketing costs and withdrawal from certain international markets, but revealed in a profit warning last month that the decline had been “exacerbated” by delays in the delivery of certain technology projects.

One of the delayed IT projects was the transfer of all customers to a new website by the Euro 2012 football tournament, which took place in June. The migration was postponed due to negative feedback.

“During Q4 we will deliver our new sportsbook, and begin the subsequent migration of all active customers [continuing into Q1 2013]. Our new mobile platform, which is reliant on the same technology, will then follow," Ladbrokes chief executive Richard Glynn said in a statement on Thursday.

“The active data warehouse, now in use to underpin our new trading fieldbook, will be deployed further in Q4, providing enhanced analytics to our marketing teams. This then facilitates the subsequent development of our customer relationship management (CRM) capabilities,” Glynn said.

Meanwhile, the company appointed its IT director Mark Grimes to its board after the resignation of digital executive Richard Ames. Ames, who was head of product responsible for IT and trading at Ladbrokes, resigned as a director of the company on 1 August.


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