The newspaper reports that the proportion of shares out on loan, a metric for short-selling has risen by 8.9%, the highest Ladbrokes has seen since October 2013. At present Ladbrokes are the seventh most shorted stock on the UK FTSE mid-cap index.
The rise in Ladbrokes short selling appears to indicate that hedge funds believe that a Labour Party led government will gain power on 7 May. A Labour government outcome would not favour UK sports betting operators, in particular Ladbrokes who analysts believe will be left exposed by further restriction on FOBT machines outlined by Labour Party ministers.
At present Ladbrokes appears to be in the weakest position of the UK’s leading betting operators, as the company struggled in 2014 and further posted a tough opening to 2015. First-quarter 2015 results showed pre-tax profits fell to £14.3m from £35.6m in the last three months of 2014.
In March 2015 Ladbrokes announced the appointment of new CEO Jim Mullen, who has been charged with leading the operator’s performance turn around. At present the former Ladbrokes Director of Digital is re-building the operators senior management team. Mullen has further requested a review of Ladbrokes retail operations, focusing on restructuring the operator’s loss making Irish retail betting division.
read more : www.sbcnews.co.uk
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