Betfred announce big rise in profits

ators Betfred have reported a 22% increase in yearly profits.

The firm’s results for the year to 31 March, their first full set since their acquisition of fellow bookmakers the Tote in 2011, saw gross profits reach £362m, up from a figure of £296m in 2012.

Group turnover rose 19% year-on-year to £8bn, with EBITDA increasing 30% to £69m.

The company’s net debt dropped to £213m, a reduction of £43m.

The Tote takeover, which was challenged with delivering £20.5m in annual synergies, actually delivered £23.7m.

Warrington-based Betfred contributed £24.4m to horse racing during the year, up from £21.8m in 2012.

The firm currently employ 10,000 staff, up 400 on the previous year, with their retail estate standing at 1,375 shops, with further expansion planned.

Betfred Group chairman Fred Done said: “I am delighted to report such a positive set of results. We continue to grow strongly and evolve our range of products.

“Our estate of 1,375 betting shops is performing well and we are making great strides in improving and enhancing our online and mobile offerings.

“The integration of the Tote, although extremely complex, is nearly complete and we have great plans for Totepool.”