Ladbrokes books 'better than expected' profits

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The UK's second-biggest bookmaker Ladbrokes reported a better-than-expected full year operating profit as strong growth in revenue from gambling machines helped its retail business to perform strongly despite tough market conditions.

The company, which has around 2,100 shops in the UK, said today its group operating profit fell by 0.4 percent to £193.5 million. Despiet the fall it beat forecasts of £187 million.

Gross win (total bets minus payouts) from machines rose by 19.2% to £360.9 million.

Chief Executive Richard Glynn said the company's retail business had performed strongly, with bets placed over-the-counter marginally up on 2010.

"The contribution from machines has been excellent and we have grown profit per shop for a second consecutive year despite a comparatively poor gross win margin in the second half of 2011 and continued cost pressures."

Trading in the fourth quarter was hit by a high number of favourites winning in Premier League soccer.

Rival William Hill said in January it had seen an upturn in bets placed over-the-counter in its shops and money taken by its gambling machines as cash-strapped consumers looking for cheap entertainment boosted trade.