Embattled Ladbrokes CEO Richard Glynn faces the axe this coming August if he can’t turn things around at the UK’s second largest bookmaking firm. 

Investors issued a stern warning that Ladbrokes must be able to capitalize on the upcoming FIFA World Cup should Glynn intend to keep his job.

pre-tax profits, released Tuesday, were £67.6m, down 66% on 2012, dragged down by £51.6m in exceptional costs driven largely by a software upgrade.

Glynn admitted the results were "disappointing", but insisted it had made "real operational progress".

The company also announced it will be shutting down between 40 to 50 shops throughout the UK this year.

Ladbrokes said its profits had also been hit by a greater than expected slowdown in gaming machine revenues.

- Aaron Goldstein, Gambling911.com