UK bookmaker Ladbrokes reported a sizable drop in H1 profit on poor sporting results, higher taxes and continued underperformance by its lagging digital division.

Excluding exceptional items and its high-rollers business, Lads’ revenue nudged up 1.3% to £585.4m in the six months ending June 30, but operating profit fell 31.5% to £38.9m and profit after tax fell 44% to £22.2m. On a statutory basis, Lad’s reported a £41.4m after-tax loss vs. a £23.7m profit in the same period last year.

Lads CEO Jim Mullen, who accelerated a company-wide review in April following the firm’s disappointing Q1 numbers, said the H1 results “clearly show why we need to change and why we need to do so quickly.”

Overall online revenue fell 6.7% to £84.6m and the division reported an £11m loss in H1, compared with a £6.2m profit in H1 2014. Lads says the UK’s new 15% online point-of-consumption tax (POCT) cost the company £12.6m in H1.