Ladbrokes’ (LON:LAD) new boss will speed up his strategic review of the troubled bookmaker after it reported a slide in profits.
Jim Mullen, who took over from Richard Glynn at the start of April, told investors today he would present the findings of his examination into the bookie in June - earlier than planned.
It follows a poor first quarter performance in which earnings before interest and tax fell 22% to £14.3mln, hurt by punter friendly sports results and tougher taxes on fixed odds betting machines.
That compared to a profit of £18.4mln during the same period in 2014 and is down significantly from the £35.6mln figure in recorded in the final three months of last year.
Mobile betting soared 63% and overall revenues climbed 3.3% but margins have been hit by recent football results and winners at the Cheltenham Festival, which favoured customers.
“We need to change the way we run the business, build scale, primarily in digital and respond faster to the customer and changes in the market place,” said the chief executive.
Mullen made his first step towards overhauling the firm yesterday by announcing plans to restructuring its loss-making Irish business.
Shares lost 2% early on and fell to 104p.