Betfred delivers strong results

UK bookmaker Betfred it reported to have turned in strong annual turnover and profits one year after taking over the State-owned Tote.

According to The Daily Mail, Betfred reported turnover of GBP 4.8 billion, up from GBP 4.1 billion a year ago.  Gross profits rose from GBP 181 million to GBP 194 million and pre-tax profits amounting to GBP 16.3 million, up from GBP 15.5 million in its last fiscal reporting period.

A management statement said in the face of tough competition Betfred would maintain a tight control over overheads but was pleased with the Company’s expansion.

The firm is reportedly facing a labour challenge with betting shop staff representative Community Union supporting former Tote staff who are bucking against signing new contracts that put their remuneration on the same terms as the rest of Betfred’s employees.

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