Revenues of British bookmaker Ladbrokes Coral was in for a gallop until it hit a bump that forced it to fumble by the end of the first quarter.
Ladbrokes announced on Thursday that tough high street environment has dampen its first quarter net revenues, posting a modest five percent growth. Shares of Ladbrokes fell 4 percent after the update.
The FTSE 250-listed company saw a 7 percent drop in bets made over the counter in the first three months of the year. In the words of Ladbrokes Coral Group CEO, Jim Mullen: “Sporting results in the UK gave with one hand and took with the other.”
“UK Retail OTC stakes continue to exhibit the negative trends reported since the middle of 2016, driven by the challenging UK High Street environment and our own focus on the multi–channel opportunity,” Mullen said in a statement on Thursday.