15-11-2007 Phone betting drives Ladbrokes profit

The UK bookmaker posted a trading update for the four months ended October 31 showing a 84 per cent increase in profit, with a strong contribution from telephone high rollers offsetting a below target performance in the UK retail segment.

EGaming net revenue grew by 5%, with customer sign ups and unique actives up 21% and 11% respectively.

Net revenue grew in Sportsbook, Casino and Games but this growth was partially offset by slightly weaker margins and lower Poker net revenue in a very competitive market.

Ladbrokes also acquired 17 shops in Italy, which are now trading satisfactorily, while the Italian local language website is expected to be launched shortly.

CEO Christopher Bell commented: "Early trading in November has seen the continuation of High Rollers’ Telephone activity and, encouragingly, reached into double digit year on year growth in UK Retail gross win. Ladbrokes remains focused on growing its established businesses, whilst developing the new opportunities in Italy and Spain."