Ladbrokes profits rise 13%
Bookmaker Ladbrokes said it has continued to make good progress in the four months ended 30 April with profits, excluding high rollers, up 13%.
Gross win increased by 16% and 34% including high rollers. Over The Counter (OTC) gross win increased by 4%, benefiting from particularly strong growth in football turnover. There was a small decline in horse gross win against strong comparatives, with the major festivals generally positive despite the Grand National race result.
Machine gross win rose 26%, benefiting from the completion of the roll-out of new dual screen machines at the end of March 2007, new gaming content and extended evening opening hours. Average weekly gross win per Gaming Machine was £673 compared to £538 for the same period in 2007.
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However, UK Retail cost increased 12%, reflecting the cost of evening opening in more than 95% of the group's estate and the additional costs of Turf TV. As previously stated, UK Retail costs for the full year are expected to grow by 8% and 4% on a like for like basis.
"Gross win grew strongly during the period and, whilst our business has seen no evidence yet of a consumer downturn, we remain mindful of general economic conditions," said chief executive Chris Bell.
"The group remains focused on enhancing shareholder value by growing its established retail businesses, developing the new opportunities in Italy and Spain and driving the top line in eGaming through marketing investment in customer acquisitions," he added.
