Chris Bell, the chief executive of Ladbrokes, claimed yesterday that boardroom relations had “never been better” despite the revelation that the bookmaker’s recently appointed finance director had considered defecting to William Hill.

Mr Bell confirmed a report in The Times yesterday that Brian Wallace had been approached about the vacant chief executive’s post at its rival. However, Mr Bell rejected rumours that Mr Wallace’s decision to stay at Ladbrokes had been accompanied by a demand to replace Mr Bell himself.

“Boardroom harmony has never been better. I can put my hand on my heart and say there there is no problem. Brian is a brilliant finance director and I would call him a friend in a work context,” Mr Bell said. “He had an approach and he looked at it. He could have taken it but he chose to stay, which is an accolade to Ladbrokes.”

He admitted that John O’Reilly, head of the group’s e-gaming division, had also been approached about the William Hill post. “Of course he was. We have a great management team, so they’re bound to get approaches.”

Mr Bell was speaking after delivering a lacklustre trading update covering the four months to October 31 that was only rescued by a huge jump in profits from high-roller telephone punters.

Operating profits in the period jumped by 84 per cent and the gross win – the amount left behind by the punter – was 33 per cent better.

However, after excluding high rollers, profits fell by 12 per cent and the gross win was just 7 per cent ahead.

Betting shop takings were hit by the cancellation of 23 race meetings because of poor weather and a dire run of football results in the Premiership and European competitions. “Punters have never had it so good on football,” Mr Bell said. “It’s not a disaster, but it’s difficult, there’s no point in hiding the fact. That’s betting – you win some and you lose some.”

The company admitted that it could lose “millions” if England failed to qualify for the Euro 2008 tournament, which would normally be expected to provide a betting bonanza.

Ladbrokes shares tumbled by more than 9 per cent, or 35½p, to 344p, but Mr Bell played down suggestions that its recent share price woes have left it vulnerable to a private equity bid.

Bookie’s form

— Ladbrokes has the second-biggest high street retail presence after the Post Office

— In 2006 more than £12 billion was staked with Ladbrokes

— Ladbrokes plc was created when shareholders approved the sale of Hilton International Hotels to Hilton Hotel Corporation in January 2006

— The company has 14,000 employees, customers in 200 countries and is the world’s biggest bookmaker

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