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Ladbrokes is far from a favourite with the market
Oct 7 2008 by Alex Turner, Liverpool Daily Post
GAMING giant Ladbrokes proved unpopular with the market yesterday as its shares fell to a five-year low.
It lost 14% to close at 164p, down 26p. The stock has been falling steadily since June last year, when it peaked at 460p.
Carl Cross, a senior investment director at Rensburg Sheppards, Liverpool, highlighted the company’s high levels of debt as a reason investors have moved away.
He said: “Any company which is very heavily geared is being heavily marked down.”
The group’s first-half profits to June were down £28m, to £127m, after a number of poor sporting results, including Royal Ascot and the early stages of Euro 2008, hit margins in June.
Ladbrokes employs 180 people at a call centre in Aintree, who are currently in a pay dispute with the firm after demanding more than the offered 3% pay increase.
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