LADBROKES CORAL 
LONDON (Reuters) - British bookmaker Ladbrokes (>> Ladbrokes PLC) said it was on track to meet financial targets for the year after reporting a 94-percent jump in operating profits in the third quarter, relieving the pressure on Chief Executive Richard Glynn.
Ladbrokes has been struggling to keep pace with market leader William Hill (>> William Hill plc) in the growing online gambling market and Glynn's position has appeared under threat.
The impact of the football World Cup helped to boost operating profit to 33 million pounds in the three months to the end of September, almost double the equivalent figure of 17 million in 2013.
"The changes and the investments we made in the business are starting to be reflected in the results," Glynn told Reuters, saying the company was "on track" for full year targets.
Glynn has previously reassured investors that growth would return in the second half of the year after a series of setbacks. The company is expected to report operating profit of around 128 million pounds in 2014, down from 138 million in the previous year.
Ladbrokes also confirmed that it would pay an annual dividend of at least 8.9p per share for 2014, which would be in line with what it gave shareholders last year.
The World Cup has given bookmakers a shot in the arm as they prepare for higher taxes that will come into force in their core British market over the coming months. William Hill reported an 89 percent rise in third-quarter operating profit earlier this week
Ladbrokes shares edged 0.4 percent lower to 128.5p by 8:10 a.m. BST and are down around 28 percent this year, reflecting investor concerns over tax changes.
Glynn said a new tax regime for online gambling and increased taxes on high stakes gambling machines in betting shops would cost Ladbrokes around 50 million pounds next year.
Ladbrokes said it was closing around 90 shops in 2014 and that further betting shop closures were "inevitable" in 2015 as it seeks to cut costs.
(Reporting by Keith Weir; editing by Keiron Henderson)
