During the year to 30 April 2006, the world’s leading betting exchange has reported year-on-year revenue growth of 36 per cent to £145 million, with profits before tax up 65 per cent to £38 million. The company remains significantly cash-generative and ended the year with a cash balance of over £142 million (2005: £52 million). The net assets of the group have increased from £48 million in 2005 to £130 million in 2006.
The betting exchange, which is now available in 18 languages, employs over 900 staff across its offices in the UK, Denmark, Malta and Australia. Regions outside the UK contributed more than a third of Betfair\’s revenues, compared to less than a quarter last year, and 50 per cent of new registrations came from outside the UK.
Betfair increased the number of monthly actives from 95,000 to over 150,000 by April 2006. The exchange now regularly handles over five million bets per day, serves two billion page impressions a week and more than £2,000 a minute is deposited onto the site.
In the past year, Betfair also doubled the number of registered customers, with over 900,000 by the end of the World Cup, during which the company handled more than 11 million bets on over 3,000 different markets.
In separate news, the world’s leading betting exchange has appointed Stephen Morana as the company’s Chief Financial Officer. Stephen Morana joined Betfair in 2002, becoming Finance Director in July 2005. Chief Executive David Yu welcomed the appointment: “It is particularly gratifying to have witnessed first hand the excellent job Stephen has done for us as acting CFO over the last year. During this period of growth and transition at the company, Stephen has demonstrated great motivational and leadership qualities. Although a number of strong external candidates were considered for the role it became apparent the person best placed to become CFO was already at Betfair. Stephen has a passion for our business and an understanding of our product that is second to none.”
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