Betfair nets €453m despite loss
Betfair, the UK gambling firm headed by former Paddy Power executive Breon Corcoran, said its revenue for the year to the end of April was flat at £387m (€453m), but that it plunged into the red, recording a £49.4m (€57.9m) loss as it continues the restructuring of the business.
Mr Corcoran said that the results at Betfair, which this year rebuffed a €1bn-plus offer for the group from parties including private equity giant CVC, were "solid".
Earnings before interest, tax, depreciation and amortisation (EBITDA) at the group declined 39pc to £51.2m (€60m) and on an underlying basis was 15pc lower at £73.3m (€85.9m).
Revenue and EBITDA were better than had been anticipated, according to the group.
"This is a solid set of results in what has been a year of transition for Betfair," said Mr Corcoran, who had been chief operating officer at Paddy Power.
"Revenues lost as a result of changing regulation have been largely replaced with regulated, more sustainable revenues."
The company has managed to lure more customers, having simplified its product mix. It attracted 18pc more customers in the last six months in Britain and Ireland.
Mr Corcoran conceded that it remains "early days" for the group's new initiatives.