UK betting operator Ladbrokes profit fell hard in 2014 despite significant improvements in its much-maligned online offering.

Full-year revenue (excluding high-rollers and exceptional items) rose 3.8% to £1.16b but earnings fell 9.3% to £125.4m and profits fell 13.4% to £93.1m. The statutory numbers were much harsher, with earnings falling 71% to £66.2m and profit down 61% to £41m. Despite the carnage, Lads’ shares rose nearly 6% on Thursday to 121p.

Ladbrokes’ overall digital revenue rose 22.9% to £215.1m and operating profit rose 70.7% to £14m. That latter figure is nearly double the 2013 figure but still well short of the £31.8m earned in 2012, the year before Ladbrokes undertook its infamously prolonged transition to a Playtech-powered online platform.

UK online operations reported revenue up 7.5% to £178.5m while online profit rose 17.7% to £17.3m. The 2014 FIFA World Cup helped push online sports betting revenue up 21% to £84.8m, but the company experienced its “worst ever football daily loss on record” on Boxing Day, which cost the company £8m.

Mobile sports betting stakes were up 110% from 2013, representing 63% of Lads’ digital sports wagers, while desktop stakes declined. Outgoing CEO Richard Glynn said the numbers support Lads’ decision to switch its desktop front end to a Playtech-powered Mobenga mobile platform, although the back end will continue to be powered by OpenBet technology. The transition is scheduled to take place in H2.

Ladbrokes exchange wagering products also had a good year, with revenue up 36% to £13.2m. The other verticals weren’t as fortunate, with casino falling 1.6% to £66.4m and bingo falling 6.7% to £11.1m although Lads said gaming returned to growth in Q4 following the completion of its transition to a full suite of Playtech casino products.

Online poker revenue fell a whopping 56.5% to £3m as unique active poker player ranks fell 40% while average monthly active player days fell 48.5%.