Tax Move Haven-Sent For Ladbrokes

14th May, 2010

One of the best uk casinos and sportsbook has been the latest to announce results to the city, boasting a rise in operating profit of over 40% thanks in no small part to their move to tax haven Gibraltar.

Harrow-based Ladbrokes their operation to Gibraltar in November 2009, resulting in a huge tax saving. Despite the move, real figures actually saw net revenue fall over 2%.

Ladbrokes' new head honcho, Richard Glynn who joined the company earlier this year, said that despite the fall in profits, he would ensure a change of fortunes, with sweeping changes just around the corner...

'In recent times the strength of our brand has diminished. In online and offline areas, we feel the need for Ladbrokes to regain its primacy. We will be looking at every area of the business. We will be leaving no stone unturned.'

The companies results were very much propped up by the tax move - with their egaming and online poker room hit hardest, in line with many of the best uk poker rooms in recent weeks.

It is thought that Ladbrokes executives will be fearful that rival William Hill is pulling away from the pack, after their recent reported increase in revenues.