Paddy Power, Ladbrokes maintain forecasts despite tough market

Ladbrokes today said trading remained in line with market expectations, despite a recent run of poor football and horseracing results for the bookmaker.

Group profit in the four months to October 31 rose 10% as gambling machine revenue increased 14%. The average weekly profit for a machine was £677 (€808).

Total gross win – the amount of income after payouts to punters is subtracted - rose 5% at its UK retail operations.

Chief executive Chris Bell said: “Although a run of poor football and horse race results at the end of the period has affected performance, the group remains within the market expectation range for 2008.”

Rival bookie Paddy Power also stuck by earnings forecasts today, although it repeated a previous warning that the economic conditions were having an effect on the group. It said in August that it expects figures for 2008 to exceed last year’s level, but not by the amount hoped for earlier in the year.