Ladbrokes profit falls on fewer big bets

By Matthew Scuffham

LONDON (Reuters) - Ladbrokes (LAD.L) reported lower first half profits on Thursday with fewer high-stake gamblers and unfavourable results at major sporting events.

Pretax profit before non-trading items fell to 134 million pounds in the six months to June 30 from 159 million the year before, matching the consensus forecast in a poll of nine analysts.

Profit from high rollers fell 33 percent while Ladbrokes also suffered in June from favourites winning at Royal Ascot and Euro 2008.

However, the company reported strong current trading. Gross win -- total bets minus payouts -- in the period from July 1 to Aug 5 was up 11 percent, including 6 percent growth in retail.

Chief Executive Chris Bell said the business had shown "resilience against a challenging economic backdrop".

"We see no sign of any downturn so you could argue the business certainly remains as resilient as it has been in the past as a minimum," Bell said.

Bookmakers are widely regarded as being less vulnerable than other retailers to a recession given the habitual nature of gamblers and because it is a "low ticket" industry, with an average bet of less than 10 pounds.

Ladbrokes said it remains on track to meet its full year expectations. Forecasts for underlying pretax profit range between 185 and 225 million pounds, with the consensus standing at 206 million.