Chief executive looks forward to 'exciting times' as profits rise

Ladbrokes on Thursday announced a headline operating profit of £52.3 million for the first half of 2016, up 34.4 per cent on the same period of last year.

The bookmaker's profit before tax to the period ending June 30 came in at £39.8 million, up 61.1 per cent on the first half of 2015, with profit after tax up 57.2 per cent to £34.9 million.

Last month, the Competition and Markets Authority granted conditional clearance for Ladbrokes to merge with rival Coral, and chief executive Jim Mullen believes the results position the business well for that step.