Betfred reports losses despite revenue rise

UK bookmaker Betfred recorded annual loses in its most recent fiscal year, despite the fact that the company had a significant revenue increase. The losses were of eight-figure as it was in the red with 13,4 million GBP. Betfred released last week its results for the last 12 months, ending 24 September 2017 and the findings were interesting.

The privately held company had its revenue improving 9.6% to 634.5 million GBP, while earning rose 3% to 83.3 million GBP. The total betting turnover across the company’s retail, online and Tote had risen 17.5% to 12.7 billion GBP. The revenue rise came though via the company’s addition of 322 Ladbrokes Coral betting shops and the deal the company had agreed with Hong Kong Jockey Club on behalf of its Totepoool business.

There was also a significant (but undisclosed) rise in new customers, but despite the positive momentum, Betfred recorded an operating loss of 13.4 million GBP. Last year the respective profit was 32.4 million. The company blamed the decline on a goodwill impairment of its digital assets, rising costs and higher gaming duties. There are also voices in the UK blaming the company founder Fred Done, who had a 10.2 million GBP annual dividend, same as last year.

 

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