Betting falls 7.5% at Ladbrokes’ Irish business but profit soars

British bookmaker Ladbrokes reported a 7.5 per cent drop in betting in its Irish business in the first half of the year, reflecting a smaller Irish presence since its restructing in 2015.

Ladbrokes said the Irish business had seen the benefits of a “more competitive estate” following the examinership process last year.

Last year the bookmaker exited an examinership process, which means it now runs 142 shops in Ireland, down from 192 in June 2015, and 77 shops in Northern Ireland, down from 79 previously.

Stakes in its Irish business fell 7.5 per cent to £218 million (€258 million); but, on a like-for-like basis, Ladbrokes said it saw stakes in its Irish business grow 9.7 per cent and net revenue increase 2 per cent.

Product trends in Northern Ireland were similar to the UK, Ladbrokes said, and operating profit was slightly down on last year, mainly due to adverse horse-racing results.

Ireland operating profit

Overall Ireland operating profit at £4.4 million was up 76 per cent on the same period in 2015, reflecting the Republic of Ireland’s return to profitability.

On a group basis, Ladbrokes reported a better-than-expected 34 per cent rise in first-half operating profit on Thursday, helped by some bookmaker-friendly sporting results.

The company, whose £2.3 billion merger with rival Coral was approved last month, posted group operating profit of £52.3 million for the six months to end-June on revenue 13 per cent higher at £661.8 million. – (Additional reporting: Reuters)