by Anton Johan
A management shake up, improved customer relationships and the restoration of dividends are just some of the ideas put forth by the new Chief Executive Officer of Ladbrokes, Richard Glynn in a report issued last week.
Glynn's 'Project Galvanize' spells out plans for the gambling giant to improve its performance overall and grow in the UK and global betting markets as a result.
The CEO identified a few key areas where Ladbrokes needs to improve in order to close the gap on competitors such as William Hill who seem to perform significantly better in recent rimes.
"These include a focus on the customer, improving the 'e' performance, the brand effectiveness and enhancing the technology background of the group," noted Glynn.
"I expect these priorities, supported by targeted investment, will deliver customer satisfaction, revenue growth, margin improvement and operational efficiencies over the medium term," he added.
Ladbrokes announced that it would be fitting 95% of its retails shops with gambling machines next year, thanks to a new deal struck with Global Draw.
Part of management shakeup means that a new retail managing director, Nick Rust from Gala Coral, will be joining the team early next year.
Gary McIlraith will be moving over from Alix Partners to become Managing Director of Digital Channels, International and Strategy.
The market has responded well to this new vision and shares were up by 6% last week as a result.
"With a new CEO, a machines announcement and some strong hires, there is an emerging story at Ladbrokes beyond simply being cheap," noted one analyst.
