Ladbroke chief executive Peter George was in a decidedly bullish mood when he addressed the group's annual meeting

yesterday.

He said that during the first four months of 1998, the company ''continued to make solid progress and profit before taxation was, as expected, ahead of the corresponding period last year.''

At Hilton International, the UK market remained strong and there was a substantial improvement in profitability in Continental Europe and the Americas.

He said: ''These results more than offset the effect of difficult trading conditions in Asia and Egypt.

''Overall, Hilton International increased revpar (revenue per available room) by approximately 5% in constant currencies compared with the corresponding period last year.''

He also told the meeting: ''The alliance with Hilton Hotels Corporation is helping to generate incremental sales across the system.

''In particular, the HHonors customer loyalty programme has now attracted over 500,000 new members outside the USA since its launch in February last year, and around 20% of guest registrations are currently HHonors related.''

The division has signed seven new hotel management contracts during the period including the Buenos Aires, Nassau and Melbourne Airport Hiltons.

More than 40 new hotels are scheduled to open during the next four years.

Turning to the betting and gaming division, George said that UK retail betting turnover increased with a further rise in the popularity of numbers betting and improved revenue from AWP machines.

The growth in football betting turnover during the first four months was ''encouraging'', and this was expected to continue with the World Cup finals in France next month.

George said the Coral group of companies, acquired on December 31, and being investigated by the Monopolies and Mergers Commission - which is due to report in July - made a ''satisfactory'' start to the year.

Last week Ladbroke's Vernons pools subsidiary was awarded a Section 6 licence from lottery regulator Oflot to operate a weekly football-based National Lottery game, which will be launched in August.