Ladbrokes' Irish profits up to €26m

NEW ACQUISITIONS helped drive profits from bookmaker Ladbrokes' Irish business by more than 40 per cent to €26 million last year, the company said yesterday.

It said it won £61.8 million (€81 million) from punters in its Irish shops in 2007, a 26 per cent increase on the previous year, when its winnings were £49 million. Its operating profit grew 43.6 per cent to £20.1 million (€26 million).

The London-quoted company said the increase stemmed from acquisitions and new branches, which in turn helped overcome what it described as "tighter margins" from its horseracing business. During the year, it grew shop numbers from 195 to 215. This included 13 acquisitions, nine new licences and two closures. Its Irish operating costs grew by 25 per cent as a result of the expansion.

It recently bought Barney Eastwood's 54 shops in the North, a deal valued at €181 million.

Overall results show Ladbrokes boosted profits last year by 60 per cent to £420 million. Its total gross win - the amount staked by customers less the the figure returned to them in winnings - was close to €1.3 billion in 2007, a 30 per cent increase on 2006.