26 September – interim management statement
Disappointing news from Ladbrokes has seen the share price slip. Since July trading margins across the business have been lower than expected. In the Digital division operating profit for the full year is now expected to be between £10m and £14m, which is below market expectations. On a more positive note the dividend is expected to be held in the current year and at least maintained 2014. Whilst the news is disappointing we feel that the shares are fundamentally undervalued and now is a good time to BUY whilst the company is out of favour.