Overall it has been a very good year Tote chairman Peter Jones

The bookmaking firm revealed turnover had increased by 43 per cent.

Gross profits rose by 14.6 per cent to �96.7m, with �10.7m being its contribution to the racing industry.

The Tote was created in 1928 by Act of Parliament to offer pool betting on horse racing. It is now also a leading bookmaker in Britain with a chain of 435 betting shops.

It also offers a telephone operation and internet betting.

Racecourse division turnover broke through the �100m level for the first time and total pool betting was up 16 per cent to �221m.

Tote chairman Peter Jones said: "Our strategy of competing through all the channels (racecourse, high street, phone and internet) and across a range of bets means that we have a balanced business."

The bookmaking shops' turnover increased by 50 per cent partly down to the increase in outlets and partly from the introduction of gross profit tax, meaning that customers now bet tax free.

In its manifesto, the Government pledged to sell the Tote to a racing trust.

Last November Labour peer David Lipsey was appointed to chair the Shadow Racing Trust, the body set up to pave the way for the sport's acquisition of the Tote.