Betfair Delivers In Half Year Report

BETFAIR DELIVERS IN HALF YEAR REPORT

25th November, 2015 at 08:38:45
Source: http://www.azonlinecasinos.com

Mobile and sportsbook key drivers.

Online betting exchange Betfair's half year fiscal period ending October 31, 2015 delivered strong results with a reported revenue rise of 15% to 274.4 million against a strong comparative period that included the World Cup.

Results were driven by mobile and a 93% increase in Sportsbook stakes.

Key performance highlights for the period include:

- Revenue up 15% to 274.4 million (HY1/2015: 237.6 million).

- Sportsbook stakes up 93 percent.

- EBITDA up 9% to 80.5 million (HY1/2015: 73.9 million), notwithstanding 26.8 million of additional POC tax

- Operating profit amounted to 67.2 million (HY1/2015: 59.9 million), up 12 percent.

- Gross profit increased 7% to 214.0 million (HY1/2015: 200.4 million).

- Interim dividend up 67% to 15.0 pence per share reflecting continued strong cash flow and the higher payout ratio target of 50% introduced in December 2014.

- Sports revenue increased 11% to 184.8 million (HY1/2015: 166.6 million).

- Gaming revenue increased 18% to 49.7 million (HY1/2015: 42 million).

- Mobile gaming revenue up 86 percent, accounts for 57% of gaming revenue.

- Betfair US revenues increased by 38% to 39.3 million. Betfair US online casino revenues grew 100% to 3.8 million (HY1/2015: 1.9 million).

- Number of active customers in sustainable markets up 31 percent.

- Sustainable revenue mix now 88% (Q2 FY15: 82 percent)

- Mobile remains the key growth driver across all products and now represents 76% of Sportsbook revenues

- Betfair US revenue up 35% following the successful integration of HRTV and strong casino growth.

"Betfair traded strongly in its key markets throughout the first half of FY16," Breon Corcoran, Betfair's Chief Executive Officer, said. "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."

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