LADBROKES has seen a further dip in profits in its struggling Irish operations in the first quarter of the year.
A first quarter trading update from the British betting giant, which operates 196 stores across the Republic, showed profits dipped by 1 per cent during the first three months of the year.
The company’s Irish operations went into examinership earlier this week, a move they hope will make them more viable long-term.
Across the 196 stores, Ladbrokes Ireland employs 840 people – but with redundancies on the cards, this is expected to shrink to 600.
The group’s CEO Jim Mullen described the actions in Ireland as “regrettable” but “absolutely necessary” for the company’s survival.
Despite the news, Mr Mullen remained confident about the company’s future in Ireland.
“I believe strongly in Ladbrokes,” he said. “We have laid solid operational foundations but there is still a lot to be done. The decision to seek examinership in Ireland demonstrates the seriousness of our intent and the speed with which we will execute.”
Mr Mullen is due to make a presentation on changes within the company in June.
Though profits in Ireland were down, Ladbrokes saw net revenues grow by 3.3% overall in the first quarter, compared to the same period last year.
