Ladbrokes has announced a large fall in pre-tax profit for 2014, from £68 million to £38 million and is expecting to close 60 UK shops in the coming year.
The bookmaker, which has more than 2,000 UK outlets, has blamed "regulatory headwinds" and a disappointing Boxing Day. It also warned that the impending rise in gaming machine taxes meant more closures would be inevitable.
Richard Glynn, Ladbrokes chief executive, said: "Whilst recognising there are regulatory headwinds, Ladbrokes is confident in its plans for 2015. Strong operational delivery delivered a second half of growth as envisaged, but the £8 million hit on Boxing Day did take some of the shine off our performance."
