Shares in Ladbrokes were up on the FTSE 250 after the gambling company reported a rise in net revenue and operating profit in the three months ended 30 September.

Group net revenue was reported as being up 12 per cent in the period, while operating profit increased 128 per cent in the period to £51.1 million.

Net revenue from Ladbrokes UK Retail OTC division rose by 16 per cent, while eGaming revenue increased 17 per cent.

Ladbrokes said that its UK Retail machine gross win rose 10 per cent in the period.

In the three month period Ladbrokes said it had closed 12 of its shops but had opened seven new licenses.

Internationally the group's performance in Ireland was weakened due to the weakness of the Irish economy itself, in Belgium net revenue increased two per cent, while in Madrid Ladbrokes' joint venture was reported as trading "ahead of management expectations".

Ladbrokes said that its net debt at the end of the period was £490 million, down from £995 million one year previously.

Richard Glynn, Chief Executive of Ladbrokes, said, "Although bolstered by successful latter stages of the World Cup and an easy comparative period, the growth rates achieved in the third quarter give the Board confidence that the Group is on track to meet its full year expectations.

"Ladbrokes has a great brand and a strengthened management team determined to drive operational improvements going forward. Though much remains to be done, I am encouraged by the progress we are making across the Group and I look forward to updating the market in February 2011."

By 11:30 shares in Ladbrokes were up 3.19 per cent on the FTSE 250 to 142.40 pence per share.

FTSE