Betting firm Ladbrokes has announced a drop in profits for the first half of 2008.

Reporting its results for the six months to 30 June, the company said pre-tax profits fell by 15.7 per cent to £134m from £159m in 2007.

However, Ladbrokes has recorded an 11 per cent increase in group gross wins since the beginning of July.

Ladbrokes' chief executive, Christopher Bell, said: "Following a strong first four months of the year, June suffered a string of poor results affecting all channels, most notably Royal Ascot and the early stages of Euro 2008."

Bell added that despite the fall in profits, the company remains committed to increasing investment in customer acquisition and retention.