Ladbrokes' Irish business grows 40% after acquisition

BOOKMAKER LADBROKES' Irish business has grown 40 per cent this year on the back of an expansion that included its €181 million purchase of Barney Eastwood's 54 shops.

The London-listed bookmaker said in a statement issued ahead of its annual general meeting (agm) yesterday that the amount it had won from Irish punters was up 43 per cent in the first four months of the year.

The company said the number of shops it has in the country had grown from 203 in April last year to 281. The new outlets include the 54 units Ladbrokes bought in February from Belfast-based bookie and property developer, Barney Eastwood, in a deal valued at €181 million.

The group's chief executive, Chris Bell, said the business grew strongly during the period.

"Whilst our business has seen no evidence yet of a consumer downturn, we remain mindful of general economic conditions," Mr Bell added.

Ladbrokes' average winnings from each of the fixed-odds betting terminals which it operates in its British shops, but not in its Irish business, grew 26 per cent to £673.

This was partly due to the introduction of new, dual-screen,machines.

The statement indicated that its high-rolling customers did not have a profitable time during the first four months of the year.

Gross winnings, excluding these clients, were up 16 per cent, but including high rollers, they were up 34 per cent.

Its profit from high rollers during the period was £40 million, but the statement added that their activity had recently fallen to minimal levels.