Ladbrokes Profit Halved After Hot Weather
Ladbrokes has reported a 48% drop in pre-tax profit to £55.1m for the first half of 2013.
The figure for the six months to June 30 was down from £106.9m in the same period last year.
The company blamed poor returns and increased taxes on its UK retail business, which includes high street gaming machines.
Britain's second largest bookmaker had previously seen growth from its gaming machine sector, but the company also blamed July's heatwave on the slowdown.
Ladbrokes said customer numbers in betting shops declined by up to 15%, with takings from machines down 9.2% over the month.
It said: "Although this weather effect is one-off, it is unlikely that lost machine revenue will be recovered during the rest of the year."
It follows a warning given to investors in April.
The company said it expected operating profit to fall this year after a poor performance from horse racing and online gaming in the first quarter.
Shares in Ladbrokes fell by around 3% during afternoon trading.
Over the last year its share price has risen by 27%, while rival William Hill has seen its shares increase by almost 60%.
Chief executive Richard Glynn said: "We have maintained the dividend for shareholders, confident that the plans we now have in place will generate growth in earnings in 2014 and beyond."