-Betfair announces rise in annual profits

Internet Business News
06-29-2011
-Betfair announces rise in annual profits

INTERNET BUSINESS NEWS-(C)1995-2011 M2 COMMUNICATIONS

29 June 2011 - Online betting exchange operator Betfair (LON:BET) on Wednesday posted higher annual profits and revenues but admitted that it could have done better on sales growth, the Financial Times reported.
Chief executive David Yu, who is stepping down in 2012, said that in the eight weeks since the start of the new year, the group's main sports betting business has seen slower trading than last year, when there was a boost from the football World Cup.

However, Yu, also cautioned that margins at the group were running below forecasts because of a margin weakness in the core sports betting business last month. The group's margins rose in the year to the end of April.

Revenues increased by 8% to GBP369m (USD590m/EUR411m), while pre- tax profits grew 50% to GBP26.6m.

There was a 20% rise in the number of bets matched to 916m.

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