Drop of 7 Percent for Ladbrokes' Shares after Company Warning

Company's Half-Year profits from internet business expected to fall

Shares in the UK second-largest bookmaker, Ladbrokes, plummeted 7% following the company's warning that half-year profits from internet business will be halved as compared to the last-year level due to delays in technology upgrades and poor bet margins, Citywire reported Thursday.

The warning caused setback in view of Ladbrokes' unsuccessful attempt to catch up with internet gambling competitors such as Paddy Power and William Hill.

Still, the company management is positive in its expectations of the overall market result as the retail business showed good results.

Ladbrokes' executives also underline that shares have risen 24% year to date.

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