Betfair, which last month turned down a 950p per share takeover offer from CVC Holdings, has reported annual pre-tax losses of £49m, down from a £54.2m profit the previous year. Revenue was largely unchanged.
“This is a solid set of results in what has been a year of transition for Betfair,” said CEO Breon Corcoran.
“Revenues lost as a result of changing regulation have been largely replaced with regulated, more sustainable revenues.”
The losses can in part be attributed to an £82m correction in asset values related to acquired businesses. There was also a £19m cost associated with restructuring and fees of around £3m for the failed CVC takeover.
“Following the outline of our new strategic plan at our half-year results in December,” continued Corcoran, “the business has undergone significant change and much progress has been made in a short time.
“A new management team is leading the business, a wide-ranging restructuring has been completed ahead of schedule, marketing investment has been focused on core markets and we have successfully launched a sportsbook.”
In the last year, Betfair has withdrawn partially or entirely from the markets in Greece, Germany and Spain. The share price fell 5p to 825p in early trading in London on Thursday.
