Betfair surprises analysts with H1 results
The betting exchange firm chief executive Breon Corcoran said: “Betfair traded strongly in its key markets throughout the first half of FY16. These results, which came against a tough comparative period featuring last year’s football World Cup, are ahead of our original expectations and demonstrate the Group’s continued strong momentum. Our strategy of focusing investment in markets with good regulatory visibility continues to pay off. Betfair’s relatively low exposure to unregulated jurisdictions meant that even though revenue decline in these markets accelerated, primarily due to the impact of suspending operations in Portugal, it was more than offset by growth in sustainable markets.”
Total revenues for H1 ending October 31 stood at £274.4 million compared to £237.6 million in 2014. Profits were up 9% from £67.2 million last year to £80.5 million in 2015.
Betfair and Paddy Power who have agreed a merger of the two companies which is still subject to shareholder and regulatory approval expect the deal to go through in the first quarter of 2016.
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