Filing its corporate accounts for tax year 2015/16, independent bookmaker Betfred has posted pre-tax profits of £32.4 million reversing operating losses of £88 million recorded in 2014/15.
Issuing a short statement attached to its year-end filing (period ending 25 September 2016), Betfred governance stated that wagering through increased player activity had grown significantly throughout its business properties.
As a result, the bookmaker would record a total 2015/16 wagering of £10.8 billion, combined with an increased turnover of £578 million.
Betfred’s positive 2015/16 results will see founding brothers Fred and Peter Done take home a £10.2 million interim dividend, reversing 2014/15 performance in which the company was hit by severe tax duties and increased operating costs.
Further to filing its 2015/16 accounts, Betfred governance stated that the company would continue its commitment to growing its presence within the UK betting market. Last December, the bookmaker completed a £195 million refinancing deal which would support the firms acquisition of Ladbrokes-Coral surplus retail betting shops made available by the UK CMA industry review.
At present, Fred Done who acts as Chairman of Betfred continues to fill the position of CEO, as the company seeks its official replacement of John Haddock who departed the company in August 2016.