Betfair 1H results: -
http://www.investegate.co.uk/Article.as ... 700098801X
City didn't like them and the shares are now under £10.
'Highlights'
· Underlying revenue up 12.3% to £188.5m (H1 FY10: £168.0m) 1
· Underlying Adjusted EBITDA up 24.0% to £31.2m (H1 FY10: £25.1m) 1
· Underlying profit after tax up 49.8% to £14.4m (H1 FY10: £9.6m) 1
· Reported profit after tax down 12.7% to £6.8m (H1 FY10: £7.8m) after net exceptional costs of £14.7m primarily associated with the Company's listing
· Cash position at 31 October 2010 of £178.2m with no debt (31 October 2009: £136.5m)
· Customer funds held on deposit in separate ring fenced accounts at 31 October 2010 of £288.0m (31 October 2009: £259.1m)
Core Betfair
Core Betfair includes Betfair's unique Betting Exchange and its portfolio of other sports betting, games and poker products.
· Active customers up 31.1% to 654,000 (H1 FY10: 499,000)
· Revenue growth of 11.3% to £167.2m (H1 FY10: £150.1m)
· Strong revenue growth of 22.3% in Q1 driven by World Cup, followed by growth of 1.6% in Q2
· 25.7% growth in Adjusted EBITDA to £35.5m (H1 FY10: £28.2m) 2
· Adjusted EBITDA margin of 21.2% (H1 FY10: 18.8%) 2
Caveats
1 Underlying figures are stated after making a number of adjustments in order to aid comparability between periods. These adjustments involve the exclusion, where relevant, of: the revenue and EBITDA from the High rollers segment; exceptional items; equity settled share-based payments; profit on sale of financial asset; and the associated tax effect of these adjustments. A reconciliation of reported figures to underlying figures is set out in Appendix 2
2 Excluding exceptional items and equity settled share-based payments