Betfair have released their FY12 results this morning and it shows top line revenue down 1% but underlying earnings up 46%. ‘Underlying’ figures are a bit different though, but until we see the presentation it’s difficult to know the exact detail behind the figures or how it was generated. Full result annoucement here: -
Generally speaking, ‘Revenue’ is commision earned from customers, so that appears to have fallen or on an ‘underlying basis’ not grown much. From what I can see at the moment Betfair are positioning ‘core’ revenue revenue growth of 10% in H2 results with full year ‘core’ revenue up 6% to £349.5 million. A little note on this statement though leads you to learn that ‘core’ revenue excludes Betfair US, LMAX and Betfair Australia. In corporate speak it appears these division are performing badly and by splitting out the results it’s put a bit of gloss on the main results. I’ll tune in to the presentation to understand some more detail later. I’ll update twitter as the presentation gets underway.