PROFITS GREW by almost 6 per cent at the Irish business of Ladbrokes in the first half, despite a decline in the amount staked by punters.
Half-yearly results for the British bookmaker showed operating profits rose to £5.7 million (€6.9 million) as stakes fell by 4.3 per cent.
The group shaved 5 per cent off costs and its margin rose slightly to 11.43 per cent from 11.38 per cent. Ladbrokes said the “economic and trading environment in Ireland remains challenging”.
The group operates 207 betting shops in the Republic and 78 in the North. Over the first half, punters bet €29.8 million less over the counter and €11.2 million less on betting machines.
The Ladbrokes group, which has more than 2,700 betting shops across Britain, Ireland, Belgium and Spain, said it made an underlying operating profit of £103.6 million (€124.6 million) in the half-year, up 5 per cent on a year earlier and ahead of the consensus forecast of £99 million.
Trading was boosted by the World Cup, though revenue was dented by unfavourable horse-racing results, especially at June’s Royal Ascot meeting.
Ladbrokes said it would pay an interim dividend of 3.85 pence per share. It stopped paying dividends at the interim stage last year on the back of tough trading conditions and ahead of an equity fundraising. New chief executive Richard Glynn, who joined the company from Sporting Index in April, has undertaken an operational review as he looks to close the gap on rival William Hill.
