Ladbrokes booming with 55% hike

A STUNNING performance from bookmaker Ladbroke could not make up for the poor performance at Hilton hotels in the first four months of the year. Group profits fell 14% as tourists and business travellers continued to stay at home, with the US business hit particularly hard.

The recovery in European hotels slowed in March and April, although the group is still positive about occupancy picking up in the second half of the year.

Boosted by the abolition of 9% betting tax, Ladbroke had a bumper season, with turnover in High Street shops up 55% compared with the first four months in the previous year.

Revenue for its internet gambling arm more than tripled. The figures will encourage the venture capitalist owners of Ladbroke's rival William Hill, who plan to float the company next month.