THE run of poor figures for the UK's bookmakers continued after Ladbrokes reported a fall in profits and cut its dividend payout.

The company, which has more than 2,000 betting shops in the UK, said cancellations and poor margins in horse racing and a first ever loss making month on football added to pressure caused by recession.

Pre-tax profits for the six months to June 30 fell 3.9 per cent to £131.3m, although this widened to a 25.6 per cent drop to £98.6m when excluding one-off items and gambling by certain high-spending customers.

The company was also hit by a difficult May following the success of the top four Premier League football teams at the end of the season.

Ladbrokes said the uncertain outlook forced it to reduce its interim dividend to shareholders by 31 per cent to 3.5p a share. Unlike rival William Hill earlier this week, which warned full-year profits from its UK shops will be lower than forecast, the company stuck by profit expectations for the year.



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