Ladbrokes kicks off new season with profit surge

Bookmaker Ladbrokes has reported a bounce back in quarterly profits after it benefited from a stronger start to the English football season.

Operating profits rose from last year's 22.4 million to 51.1m in the three months to 30 September, following a 15 per cent upturn in the amount of money left by losing UK shop customers over the period.

Last year's trading performance was hit by a winning start to the football season by Chelsea and Manchester United and the low incidence of draws - the bookies' favourite result.

With Ladbrokes also benefiting from a profitable end to the World Cup and a stronger performance from its gaming machines, its UK shop revenues for the period were up by 12 per cent. This was despite a 5 per cent decline in money staked by customers in the company's more than 2,000 shops.

In Ireland, the country's economic difficulties were blamed for a 9 per cent decline in the amount of money staked by over-the-counter customers.

Chief executive Richard Glynn said that, overall, third-quarter trading performance had boosted expectations that Ladbrokes would meet its targets for the full year.

He added: "Ladbrokes has a great brand and a strengthened management team determined to drive operational improvements going forward."