Betfred posts GBP 13.4 million operating loss
News on 24 Jun 2018
News on 24 Jun 2018
Online and land gambling group Betfred has posted a decline in operating profit for the FY ended September 2017, dropping from a profit of GBP 32.4 million in the preceding year to a loss of GBP 13.4 million, and attributing the slide to goodwill impairment on digital assets, rising costs and higher taxes.
The loss came despite a 9.6 percent rise in revenue to GBP 634.5 million and earnings up 3 percent at GBP 83.3 million, with overall group turnover up 17.5 percent at GBP 12.7 billion…mainly from retail operations.
Analysts estimated Betfred’s online revenue at GBP 90 million, a 3 percent year-on-year improvement from a growing player base.
They also noted that 83 percent of Betfred earnings emanate from retail operations, and the UK government’s decision to cut maximum Fixed Odds Betting Terminal stakes from GBP 100 to just GBP 2 by 2020 will have a detrimental impact that may necessitate structural changes in the group’s core business.
