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Bookmaker Ladbrokes full-year profit almost halves

Bookmaker Ladbrokes full-year profit almost halves

Ladrokes PLC, a British bookmaker, said Thursday full-year profit almost halved as costs rose.
Net income for the 12 months through Dec. 31 dropped to 340.8 million pounds (US$677.5 million; euro450.6 million) compared with 617.2 million pounds in the previous year, the company said in a statement. Revenue rose 30 percent to 1.2 billion pounds (US$2.4 billion; euro15.9 billion).
"We will continue to develop the business through new products and channels, both in the U.K. and overseas and will promote our brand and products through TV advertising, whilst remaining vigilant on costs," Chief Executive Christopher Bell said.
Shares of gambling companies have been hit recently after the U.S. government passed legislation blocking online gambling in that country as part of a bill designed to heighten port security.
Shares of Ladbrokes gained 2.2 percent to 333.75 pence (US$663.5 million; euro441.2 million) in London.