BOOKIE DRAWS £275M

ABOVE: Ladbrokes is looking to raise cash

9th October 2009

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LADBROKES yesterday launched a £275million cash call as a lack of draws in the Premiership put the squeeze on profits.

The bookmaker is raising the money through a steeply discounted rights issue to pay debt.

Margins have been hit after only four draws in the first 66 matches this season, with underlying profits falling 58% to £22.4m for the third quarter to September.

Customers normally back their teams to win.

Ladbrokes, which has 2,700 shops, also announced further cuts to achieve annual savings of £50m.

They include scrapping the dividend for this year and a pay freeze. Chief executive Chris Bell said: “The rights issue is something we have been considering for some time.”

On the football results, he added: “We have never seen anything like this before.”

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