20-05-2005 Tough trading for Ladbrokes

Hilton Group announced that profits dipped 4% in the first four months of the year as the company's betting business suffered from unfavorable horse-racing results, especially at major meetings such as Cheltenham and the Grand National.

The company expects an improving margin and a good growth in the second hald of 2005.

The gross win at its betting shops dropped 1 per cent, while the telephone betting contribution to group gross win fell 8% over the first four months of the year. By contrast, the online division reported a 23% increase in gross win.

Commenting on William Hill's purchase of Stanley Leisure's betting shops, Ladbrokes Chief Executive David Michels said: "I don't think there's a single customer who will notice that William Hill has more outlets. I still believe we are, and will remain, number one by profit. We are certainly still number one by profit per shop."

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