Betfred soars

The Manchester Evening News reports a strong year for privately-owned UK bookmaker Betfred.

Key highlights fro the year ending March 31, 2013 include:

– Group Profit surge of almost GBP 70 million

– Group Revenues of GBP 8 billion, up 19 percent or GBP 1.3 billion compared to the previous year

– Group Pre-Tax Profit of GBP 69 million, up 30 percent on GBP 53 million the previous year

– Reduction in debt by GBP 43 million to GBP 213 million

– Tax contribution up 24 percent to GBP 89.6 million

Betfred’s .com website posted underlying pre-tax profits of GBP 6.6 million compared to GBP 4.6 million the previous year representing growth of 42 percent.

The company’s pledge of an annual contribution of GBP 9 million following its acquisition of the Tote exceeded expectations yielding GBP 12.5 million compared to GBP 11.7 million during the businesses final year of State ownership. Together with levy payments, a total payment of GBP 24.4 million will be paid to Racing for the financial year.

Betfred has expanded its workforce by 400 to a total of 10 000 employees and further expansion is expected with the planned opening of another 30 retail stores which will create an additional 150 jobs.

“We are very excited about the future and are positive about the outlook for the business,” said Fred Done, co-founder of Betfred.