The results reveal why the British betting giant has been reluctant to release Irish financial data for 2005, which has only emerged now in filings to the Company Registrations Ofiice, months after it released its 2006 figures.

At its results' presentation last year, the company did not break out its Irish results but combined them with its Belgium operation.

The accounts reveal that Ladbrokes experienced a sharp rise in costs during the year with the cost of sales rising from 271m to 316m. Its turnover in Ireland for 2005 was 358 m.

Despite its setbacks in 2005, Ladbrokes revealed earlier this year that its Irish operating profit had risen to 21.3m in 2006. It also stated that its profits for the first-half of this year were almost double those for the same period in 2006.

The company now plans to have 240 Irish outlets by 2009 through acquisitions and the construction of new stores. It also has plans to expand its Irish internet site.