Bookies may black out horse racing

LIVE broadcasts of UK horse racing may vanish from the screens in Ladbroke's betting shops this season, the bookmaker's parent company Hilton has warned.

It will not put up the extra £30m a year which the British Horseracing Board demands. 'We have no intention of paying that,' said Hilton. It said it will show foreign meets instead if necessary.

Horse racing accounts for 69% of the shops' turnover. But their business is robust. Trading profits hit a new record last year, despite foot-and-mouth. Online gambling (£1m turnover daily) is soaring.

Group profits rose 1% to £280m before tax and exceptionals last year, despite the impact of 11 September on the hotels. Occupancy rates have recovered sharply from November's lows, but the outlook remains uncertain.

Dividends rose 5% to 8.92p. The shares, at 223p, look reasonable value on 15 times likely earnings.