UK publicly traded betting firm Betfair has released its latest financial results, noting a 2% increase in revenues for the latest period.
Key financial indicators for the period revealed:
Before Tax Profit up to £61.1 million, which is an improvement from the £13.3 million loss that the group took last year.
EBITDA up 24% to £91.1 million, up from £73.3 million in 2013.
Earnings per share of 49 pence, up 57% from 31.2 pence in 2013.
Cash balance of £209.8 million with no debt recorded.
Commenting on the results Betfair CEO Breon Corcoran said, "Our strategy is working. The emphasis on sustainable revenues and our product and marketing investments is paying off, resulting in record revenues and profits. The focus in FY14 was on creating a competitive Sportsbook and we are now entering an exciting phase of product development to leverage both our Exchange and Sportsbook to stand out in a crowded marketplace."
"Betfair has always been a unique betting company and our innovative sports betting products such as Cash Out and Price Rush are redefining the ways customers bet. Cash Out+ builds on the success of our Cash Out feature which allows customers to lock in profits before the conclusion of an event and has been used over 30 million times. This enhancement allows customers to partially cash out their bets and further differentiates our product."
"Price Rush is the first step of integrating our Exchange and Sportsbook and allows the odds on certain Sportsbook bets to be boosted by using the superior value available on the Exchange. Over 500,000 bets have been 'Rushed' so far and on average the odds on these bets were boosted by 24 percent."
"The introduction of the Sportsbook, increased television advertising spend and the strengthening of our online marketing capability have broadened our customer reach and led to a 54 percent increase in the number of customers acquired in the UK and Ireland."
"As a result, we have seen three consecutive quarters of double digit revenue growth in sustainable markets. Our focus on efficiency has allowed operating margin expansion at the same time as increasing marketing and technology investment to approximately GBP 200 million."
"Our strong trading has continued into the new financial year and we look forward to building on this positive momentum during the World Cup that kicks off tomorrow and which will be an excellent showcase for our market leading products."