Ladbrokes profits hit by shop closures and writedowns

Bookmaker Ladbrokes says it has made a first half loss of £37.2m after shop closures and a writedown on its remaining shops and software.

The firm's figures also reflected lower betting on football and a string of customer-friendly results.

Ladbrokes shares fell slightly in morning trading. The firm's charges were within a guidance range given last month.

The firm announced in July plans to merge with smaller rival Gala Coral.

Charges in its first half results included £17.1m of losses on the closure of shops in the UK and Ireland, and a £58.3m writedown following a review of UK retail and Ireland shops and software.

The firm's chief executive Jim Mullen said: "Our first half results reflect the challenge facing Ladbrokes.

"While we have some encouraging customer trends, we need to reset the business and invest.

"The results clearly show why we need to change and why we need to do so quickly."