Ladbroke gains on trading news

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The Independent Online
(First Edition)

LADBROKE'S shares, which have recently come under heavy pressure, gained 6p to 169p with investors encouraged by some positive trading news from the owner of Hilton hotels, betting shops and the Texas Homecare DIY sheds, writes John Shepherd.

Cyril Stein, the chairman, says in the annual report and accounts, released yesterday, that racing and property results 'are showing significant improvements on last year'.

He added: 'Texas Homecare is trading reasonably well. Hilton is performing satisfactorily although as an international business it continues to be affected in those countries that remain in recession.'

The positive news, however, was diluted by a reminder that 'the improved overall operating results are being offset by increased interest costs'. Analysts expect interest charges to rise from pounds 38m to about pounds 60m this year.

Mr Stein earned pounds 586,000 in 1992, in effect unchanged from the previous year's pounds 584,000. The accounts also state he waived an entitlement to a further pounds 28,350 of emoluments.