Ladbrokes Profits Boosted By Sports Results

Profits at Ladbrokes (LSE: LAD.L - news) have leapt by more than 50% in the six months to June, helped by "bookie-friendly" results at events including the European Championship.

The betting company has reported pre-tax profits of £25.2m for the first half of the year, compared to £51.4m in losses for the same period last year.

Total (LSE: 524773.L - news) revenue increased 12% to £661.8m, boosted by a combination of "bookmaker-friendly results in the first half of the year".

CEO Jim Mullen added: "These strong numbers show customers are responding positively to the new strategy at a time when the sporting gods have generally been on our side."

The company added that the Euro 2016 results "helped to offset the worst Cheltenham Festival on record and a very customer-friendly Royal Ascot".

Ladbrokes is currently finalising a £2.3bn merger with Gala Coral , which would make the bookmakers the largest high street chain, with more than 4,000 shops across the UK.

Last month, the competition and market authority said Ladbrokes and Coral would have to sell up to 400 shops as a condition of the deal going ahead.