Profits at the Irish operations of UK bookmakers Ladbrokes nearly doubled in the first six months of this year, compared with the same period in 2006.

Operating profit for Ladbrokes's business in the Republic and the North rose by 83.8 per cent to £12.5 million (€18.5 million) in the first half of 2007 from £6.8 million last year.

"Our Irish retail estate has delivered strong growth, through the combination of a strong product offering and shop acquisitions," the company said. Gross win in Ireland increased by 41.4 per cent to £32.8 million from £23.2 million in the previous year, helped by a rise in the number of shops and good UK and Irish horse racing results, particularly Cheltenham and Ascot. Like-for-like gross win, excluding acquisitions and new licences, rose by 16 per cent. Operating costs rose by 37.7 per cent in Ireland due to an increase in shop numbers, with like-for-like costs up by 5 per cent. Shop numbers in the Republic and the North rose from 195 at the end of December 2006 to 206 at June 30th, 2007, including nine acquisitions, four new licences and two closures.

A spokesman said that Ladbrokes was on course to have 240 outlets throughout Ireland by 2009 through a combination of acquisitions and greenfield sites. He also said that it would continue to expand the range of its Irish internet site.

Overall, Ladbrokes, which has 2,583 high street betting shops, reported a 29 per cent rise in operating profits to £195 million.

However, profit before tax slipped to £156 million for the first six months compared to £158.6 million in the same period last year.

Gross win stood at £624 million, up from £523.1 million last year. The company said it would use the strong cash flow generated from operations and its capital structure targets to start a share buy back programme in the second half of the year.