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Ladbrokes says on course to hit year targets

Reuters - UK Focus

LONDON, Oct 23 (Reuters) - British bookmaker Ladbrokes said it was on track to meet targets for the year after reporting a 94-percent jump in operating profits in the third quarter, helped by the effect of the World Cup soccer tournament.

Ladbrokes (LSE: LAD.L - news) also confirmed that it would pay an annual dividend of at least 8.9p per share, which was what it gave shareholders last year.

Operating profit was 33 million pounds ($53 million) in the three months to the end of September, almost double the equivalent figure of 17 million in 2013.

"Ladbrokes is on track. The major operational improvements completed in H1 are now delivering growth," Chief Executive Richard Glynn said in a statement.

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"Our performance in the World Cup and throughout Q3 demonstrate that we are competing successfully and winning customers," he added.

Ladbrokes has been struggling to keep pace with market leader William Hill (Other OTC: WIMHY - news) in the growing online gambling market and Glynn has come under pressure from shareholders to improve performance. (1 US dollar = 0.6231 British pound) (Reporting by Keith Weir; editing by Keiron Henderson)