Ladbrokes profits down 66%

Betting firm Ladbrokes has reported annual pre-tax profits were down 66% and that it will close 40 to 50 shops. It also confirmed "an element" of executive pay will be "linked" to its ability to implement a responsible gambling agenda.

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Ladbrokes announces profits slump 66%

Ladbrokes has announced its pre-tax profits fell 66% in 2013 to £67.6 million, as it continues to overhaul its digital businesses.

As well as the slump, the company warned it will close between 40 and 50 shops this year.

Ladbrokes also announced executive pay would be linked to a responsible gambling agenda. Credit: PA

The UK's second largest bookmaker blamed the hit on upgrades to its online gambling systems.

Developing gaming products used by smartphone or tablet users has taken longer than expected, the bookies said.

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