UK bookmaker Ladbrokes has re-iterated its commitment to a full year dividend of at least 8.9 pence per share for the current financial year, despite seeing operating profit halve to £17.4m during the first quarter of 2014.

Total net revenues fell by 2 per cent compared to the same period last year, with Ladbrokes attributing the decline to the impact of industry-wide results in football and horse racing. Excluding Betdaq and Australia, total net revenue would have been down 5 per cent year-on-year.

Ladbrokes chief executive Richard Glynn said: “In Q1 we delivered all of our stated operational targets on track or ahead of plan and our financial performance remains consistent with our expectations at the time of our annual results announcement in February."

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