Ladbrokes released its preliminary results for the year-ended December 31, 2008 and according to the company, things aren't all that bad.

According to a report from bbc.co.uk, "Bookmaker Ladbrokes has seen its annual profits edge up, despite the wider economic slowdown."

Here are some financial highlights from the report:

- Excluding High Rollers, gross win increased by 11.1 percent to £1,143.9 million (2007: £1,029.4 million),

- A good UK Retail performance saw gross win increase by 4.7 percent to £773.9 million (2007: £739.3 million),

- eGaming net gaming revenue increased by 20.0 percent to £172.2 million (2007: £143.5 million),

- Operating profit(1), excluding High Rollers, increased by 0.9 percent to £243.8 million (2007: £241.7 million),

- High Rollers contributed £80.1 million of operating profit(1) to the Group during the period (2007: £179.0 million),

- Cash generated by operations was £414.7 million,

- At 31 December 2008 Group net debt was £987.1 million; undrawn committed bank facilities totalled £510.4 million,

- Final dividend maintained at 9.05 pence per share, giving a total dividend of 14.15 pence per share and

- Effective tax rate(2) of 15.4 percent down from 15.6 percent in 2007.

(1) Profit before tax, finance costs and non-trading items for continuing operations
(2) Before non-trading items for continuing operations

"Notwithstanding the challenging economic background, Ladbrokes has continued to grow during 2008 with Group gross win, excluding High Rollers, increasing 11.1 percent and Group operating profit, excluding Higher Rollers, up 0.9 percent—slightly ahead of market expectations," said Ladbrokes CEO Christopher Bell.

"Our eGaming business increased net gaming revenues by 20.0 percent reflecting the success of our new customer acquisition initiatives announced this time last year."