PMU maintains full year forecast despite H1 decline

French gambling operator Pari Mutuel Urbain (PMU) believes it will still achieve its 2015 net profit target of Euro 805 million despite a decline in HY1/2015 activity.

The company said it will continue with the operational implementation of projects according to its PMU 2020 strategy and expects a stronger period of trading for the rest of its financial year.

Key performance indicators for the first half of the year 2015 include:

A decline in total gross gaming revenues of 2.8 percent to Euro 1.2 Billion and a 2.5 percent decline in total stakes amounting to Euro 4.9 billion.

Horserace Betting:

Gross gaming revenues in Horserace betting fell 2.6 percent across retail and online to Euro 1.18 billion.

Betting stakes fell 2.7 percent to Euro 4.5 billion.

Profit after tax on the export of French racing was up 20.4 percent to Euro 29.5 million, showing encouraging progress with new international developments expected during the second half of the year.

Sports Betting:

Sports betting results were impacted by the comparison period in which the World Cup 2014 fell, PMU said, resulting in a drop in sports betting stakes of 3.1 percent Euro 118 million and gross gaming revenue of Euro 20.8 million, down 14 percent.

Poker:

Poker remained stable, despite a general decline in the poker market, delivering a 0.8 percent increase in stakes to Euro 284 million and a -3.5 percent decline in gross gaming revenue to Euro 7.2 million.

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