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Last Updated: Thursday, 26 February, 2004, 09:54 GMT
Ladbrokes boosts sagging Hilton
New look Ladbrokes
Ladbrokes is introducing new look betting shops
Leisure group Hilton has seen profits at its hotels division slump by more than 30% to 146.5m ($274m).

But the UK firm said the decline was offset by a strong performance at its Ladbrokes gaming division, where profits rose 43% to 214.1m.

Overall, Hilton said annual pre-tax profits for the group had risen by just 0.4% to 272.4m.

The war in Iraq and Sars outbreak had led to the "less satisfactory" results at its hotels division, Hilton said.

Betting highs

The Watford-based group, which operates around 400 hotels worldwide outside the US, insisted there were "some signs of a gradual recovery" in the sector.

Chief executive David Michels said despite tough conditions in the hotels sector, the company had made progress over the year.

Mr Michels added that prospects for the gaming industry remained good, boosted by the introduction of virtual betting machines, or fixed odds betting terminals offering games such as roulette.

After one-off charges, Hilton Group said bottom line pre-tax profits came in at 171.2m, compared with 156.1m a year ago.


SEE ALSO:
Betting boom supports Hilton
28 Aug 03  |  Business
Sars takes toll on Hilton
16 May 03  |  Business
Travel slump drags Hilton down
29 Aug 02  |  Business
Holidaymakers 'overspend by 3bn'
27 Aug 03  |  Business


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