Betfair lifts full-year profit guidance after restructuring

Suzie Neuwirth

ONLINE gaming company Betfair today announced that full-year profits would be at the top end of estimates and it had increased its cost saving targets, following the completion of its restructuring plan ahead of schedule.

The bookmaker, which recently rejected a takeover bid from private equity firm CVC Capital Partners on the grounds that it undervalued the company, forecast revenues of £387m for the year ended 30 April 2013.

“We have achieved much in the five months since we set out our strategy in December,” said chief executive Breon Corcoran.

“The business has gone through significant change. A new management team is in place and a wide-ranging restructuring has been completed ahead of schedule, allowing us to increase our cost savings substantially. At the same time, the pace of product delivery has accelerated, including the development and launch of a new sportsbook within three months.”