17-11-2004 Betfair first annual report

The privately owned betting exchange has published its first annual report, suggesting that the company is considering a listing. In the financial year ended April 30 the exchange has announced revenues earned in commissions were up 106% to Â£66.7m, with pre-tax profit up 52% to Â£11.9m and over Â£32m of cash on its balance sheet. The company paid Â£9.3m in gross profits tax and Â£3.9m in levy during the trading year. 70,000 of its registered 300,000 users had been active on its website on a monthly basis.

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