Founder pockets GBP 10 million dividend
Betfred has seemingly reversed its fortunes with a strong 2016 delivering a GBP 28,438,000 operating profit as opposed to the GBP 77,312,000 loss in fiscal year 2015.
The fiscal report for the 12 month period ending September 24, 2016 revealed almost GBP 11 billion in wagers, turnover of GBP 455,851,000, EBITDA of GBP 80,884,000 and profit after tax of GBP 23.1 million (FY2015: a loss of GBP 91.1 million).
A company statement filed with the UK Companies House attributes the company's success to an increase in both customers and stakes per bet.
The filing records payment of a horse racing levy of GBP 10.2 million and a further GBP 10.2 million dividend which was paid to founder and owner Fred Done, a tidy addition to his GBP 1.3 billion fortune.
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