16 January 2014 – trading update
Group operating profit for the year ended 31 December 2013 is expected to be around the middle of the current range of analysts’ forecasts, which are £129.8m to £151m. The upgrading of the gaming machines estate will be completed in time for the football World Cup in June 2014 and the new Ladbrokes mobile offer, on the Mobenga platform, was successfully launched in December. The company has stated that it remains on track to deliver against its key strategic priorities during the first half, which will in particular drive digital performance through the second half of the year and beyond. The total dividend is to be held at its current level of 8.90p per share in 2013 and at least maintained at this level in 2014. Full year results are due to be released on 25 February and we keep our BUY rating in the meantime.