Shares in Betfair Group hit a new 52-week high in London this morning after the company reported strong revenue and profit growth for the first half ended October 31st, and announced a £200m return of capital to shareholders.
Revenue rose 26 per cent to $237.6m during the six month period, driven by Betfair’s strong customer base growth and successful gaming cross-sell, as well as favourable sports results and the World Cup. Excluding the World Cup and unusually high gross win margins, revenue would have risen 12 per cent year-on-year.
Betfair CEO Breon Corcoran said: “These results demonstrate strong delivery against our strategy for achieving sustainable growth that we outlined two years ago. We have substantially strengthened our competitive position by investing in products that differentiate Betfair and by enhancing our marketing capabilities in a crowded market place."