Liverpool-based betting operator saw modest financial performance in the first half of the year boosted by a tax refund but hit by currency market fluctuations.
Overall, group revenue dropped to £52.6m from £54.4m for the same period in 2013, with a significant foreign exchange impact.
EBITDA was also down, to £12m, and adjusted profit before tax was £6.3m, down from £6.6m year on year. Profit after tax was however up significantly to £69m and, following receipt of overpaid VAT from HMRC, net cash was £26.3m.
The group now generates 64 per cent of revenue from US-based business interests. Ian Penrose, chief executive, said: "We are pleased with the progress we have made in the first half, and in particular with the strategic momentum we have continued to build in our US business.
“We are expanding our retail betting estate, developing an online betting offer on horseracing and rolling out i-gaming products as regulation allows.
“This series of initiatives complements our existing racing and digital business that currently processes $13bn of bets annually and following significant investment in new technology and products over the last couple of years, the division has secured new contracts, most notably to replace the entire betting system for the UK Tote.”
