The online and land based gambling group Ladbrokes has posted a 33 percent decline in first half pre tax profits and is somewhat cautious on the outlook for the UK economy.

The company reported pre tax profits of £76.6m compared to £114.7m in the year before which include a one off interest rebate last year of £20m in interest income on a tax settlement.

Operating profits at betting shops group Ladbrokes fell by nearly 17% in the first half ended 30 June, as its ‘high rollers’ customers registered big wins.

Ladbrokes’s high roller activities recorded an operating loss of £4m in the period, down from a profit of £8.9m the year before, driving total operating profits down from £112.5m to £93.6m.

Ladbrokes management said the group was on track to meet expectations for the full year.

“We continue to make good progress and are on track with the delivery of operational and technology milestones. Whilst remaining mindful of tough economic conditions and continuing uncertainty affecting consumer disposable incomes, we remain in line with Board expectations for the full year,” commented chief executive Richard Glynn.

The numbers showed that net poker declined significantly, falling by 30.8% in the first half of 2011 to £7.4m as players declined by 21.3%. Online casino and bingo operations increased marginally offsetting further declines in poker operations.

The dividend was raised from 3.85p to 3.90p per share.

Shares were trading 1.36% higher at 149.50p by 10.51am on Thursday.