Betfair has announced preliminary results for the financial year to April 30, reporting significant growth in revenue and earnings.

Betfair

Revenue was up 21 per cent to £476.5m while profit (EBITDA) increased by 32 per cent to £120.2m. Mobile revenue nearly doubled in the 12-month period, climbing to £157.4m – a 97 per cent increase.

The year saw an increase in active customers of 52 per cent, to 1.7m with 22 million bettors using Betfair’s Cash Out product at a rate of approximately one per second

Breon Corcoran, Betfair CEO, said: “It has been an excellent year for Betfair. We are successfully executing our strategy and achieving profitable scale in sustainable markets. Our investments are working, the business now operates at pace and our people have a strong will to win.

“Product is a key reason why customers join and stay with Betfair. Important product improvements, including the extension of Price Rush to each way bets and Cash Out to in-running horseracing, helped to drive a strong performance during these key racing festivals.

“We continue to invest heavily in the business. This year we spent approximately £28m more on marketing and customer bonuses and added more than 60 people to our product development teams.

“Betfair is well positioned for further growth and we look forward to building on these results in FY16,” said Corcoran.