Betfred group turnover tops £13bn

ator Betfred has reported group turnover of £13.3bn for the 18-month period to 28 September 2014. The figure is a 66% year-on-year increase.

Gross profit of £593m was reported, up 64%, while Betfred.com turnover was £1.9bn, up 73%.

Net debt reduced 32% to £68m and EBITDA climbed 48% to £102m.

Total payment to racing including the levy in the period increased 55% to £37.7m.

Betfred chief executive John Haddock said: “Although we have faced increased taxation, regulation and a very competitive market place we are delighted to report a positive set of results. We are pleased to continue our support for racing and once again we have over delivered on our promise to the government when we acquired the Tote and delivered £19.1m in direct contributions.”