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Betfair Publishes First Half 2014 Financials

Internet betting operator Betair have published their first half 2014 financial results, noting a large increase in mobile revenues and active customers.

Key financial indicators for the six months ending October 31st, 2013 were:

  • A 25% increase in sportsbetting active customers in the UK and Ireland

  • Mobile revenues up 70%

  • Underlying EBITDA up 16% to £48.9 million and underlying EBITDA margin up 5ppts to 26%

  • Underlying free cash flow up 52% to £23.5 million

  • Interim Dividend up 50% to 6.0 pence per share

  • Expecting full year underlying EBITDA of between £82 million and £87 million in FY14, including combined start-up losses of between £5 million and £10 million in Italy and New Jersey .

  • Sustainable revenues up 11% in Q2 and now represent 77% (H1/FY13: 71%) of total revenues

  • Overall revenue declined 6% in H1, reflecting the recently lapped FY13 market exits

Speaking about his company's performance, Betfair CEO Breon Corcoran said, "Following cost reductions in the past twelve months we now operate as a leaner and fitter business, which means we can reinvest to generate revenue growth. Our sales and marketing budget is over £100 million this year. This enables a top tier presence on Sky Sports, major investment in our online marketing capability and an exciting new partnership with Channel 4 Racing for 2014."

"We are also investing in international opportunities. Our online casino launched in New Jersey on 21st November and, while regulatory processes are always uncertain, we have made good progress towards launching an Exchange in Italy."

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