Online betting exchange Betfair says profits grew by over a half in the 12 months to the end of April as mobile revenues drove growth.
Revenues for the year were £390m, down slightly on the prior year's figure of £393m but in line with the consensus forecast (£391m).
Profits before tax were significantly better than the market had been expecting at £41.6m, against £26.6m in 2010/11 and above the consensus forecast of of £37m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Betfair saw 44m bets made over its mobile platform, a 122% rise on the previous year, generating revenues of £22.7m, up 97%.
"The increasing penetration of smartphones and the convenience of the channel for customers have led to strong growth in mobile usage and revenues. In April alone, customers placed over 6 million mobile bets and almost 50% of UK & Ireland active users used the channel" said Stephen Morana, Betfair's Interim Chief Executive Officer.
He added: "FY13 has started well, with Core Betfair revenue up 18% in the first 8 weeks against the prior year, driven by the European Championships and a return to historical margin levels in risk products."
By 08:50 the share had risen 3.5%
BS
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
