Ladbrokes on track after football boost

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

Last year's trading performance was impacted 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, the company said its UK shop revenues for the three month period were up by 12 per cent.

This was despite a five per cent decline in the amount of money staked by customers in the company's estate of more than 2,000 shops.

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

Overall, chief executive Richard Glynn said the third quarter trading performance had boosted expectations that Ladbrokes will 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."

Shares opened more than per cent higher following today's update.