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Online betting and gaming operator Betfair released stronger than expected Full Year 2011 results this week. Regardless of challenges in regulatory environments and a series of middle management and high profile staff departures, the company has posted strong profitability and record revenue for the period.
The company’s outlook for the first eight weeks and beyond of its current fiscal year are positive with "many of the new products expected to drive future growth launching in the second half of the year."
Key Performance Indicators for the 12 month period ending 30 April 2011 include:
Commenting on the results, David Yu, Betfair’s Chief Executive Officer, said:
"The past 12 months have seen significant change at Betfair as the business continued to grow and made the transition to being a public company. A huge amount has been achieved during the period and I'm delighted that we have more customers than ever resulting in a record number of bets placed and that we've reported record revenue and profitability.
"Despite these successes, revenue growth during FY11 could have been stronger but we have delivered a significant improvement in margin resulting in profitability for the year above expectations.
"We look to next year with confidence as we execute a strategy that we believe will cement our position as the leading online sports betting operator."
Source: InfoPowa News
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