Cost-control focus helps Ladbrokes increase profit

A TIGHT focus on cost control helped the Irish arm of British bookmaker, Ladbrokes, grow its operating profit by 24% last year to £10.9 million (€13m) — even though the combined amount of money spent at the company’s Irish shops fell by 12% to just under £557m.

On a group-wide basis, Ladbrokes said yesterday that net revenue was up by 1.3% in 2010, to £976.6m; operating profit rose 20.1% to £202.3m and pre-tax profits were up from £147.1m to £193.3m.

Revenue and pre-tax figures for Ireland aren’t broken down in the main group accounts — but in 2009, the Irish business recorded a pre-tax loss of €4.2m and a marginal drop in revenue to €445.2m.