Online gambling company Betfair posted a better than expected rise in full-year profit yesterday, led by strong revenue growth and a big surge in new customers.
The company, which allows gamblers to bet against each other, said core profit rose 32pc to £120.2m in its last financial year, ahead of raised guidance of £113-£118m given by the firm in March.
Betfair, which bases its commercial and marketing operations at its 150-strong Dublin office, reported a near 50pc rise in its Irish customer base following marketing investment across Irish print and broadcast media. It did not give further details.
Shares in Betfair have soared 55pc this year, making the gambling company one of the best performers on the London exchange.
Davy Stockbrokers said yesterday that shares are unlikely to rise much further.
"If we owned the stock, we would hold on to it, although we acknowledge that much of the good news regarding earnings momentum is now priced in," analyst David Jennings said.
Revenue across the group grew 21pc to £476.5m with double digit growth across sports, gaming and Betfair US.
New customers rose by 65pc on the back of strong marketing, new products and a boost from last year's World Cup.
Active customers increased by half to 1.7 million.
Betfair has benefited from a slimmed operation and the heavy costs and regulations associated with bricks and mortar betting shops.