Ladbrokes chief executive, Richard Glynn, has insisted that the bookmaker is now "well positioned for growth" despite a near 50% slump in pre-tax profits in the first half of the year.

Richard Glynn has recently been under intense pressure to sort out the digital side of the business whilst at the same time facing a battle to persuade its investors that he had done enough to be able keep hold of his job.

Ladbrokes had been moving over to the new technology platform Playtech, in 2013. However, progress was slower than anticipated after it had to see out the terms of a contract with its previous software provider, Microgaming.

Mr Glynn said: "Our offer performed well, delivering a great betting experience for our customers and a good result for the business in a highly competitive market. We have made substantial progress and while there is more to do there is also much to play for. We now have the products, the platform, the people and the brand in place to deliver."