Betfair finance director Stephen Morana has bought £100,000 worth of shares in the betting exchange operator following yesterday's share price fall in the back of interim figures.
Betfair floated in October at an offer price of 1,300p a share. It dipped below that price prior to the interims and at one point yesterday it fell below 1,000p a share. There are concerns about whether Betfair can meet full year targets. Reported profit declined from £9.19m to £7.45m. That includes exceptional costs from corporate projects of £16.8m. Active Betfair customers rose by 31% to 654,000 but average revenue per user fell 16% to £213.
Morana has bought 9,641 shares at 1,037.14p each. Along with his wife he owns 13,550 shares.
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Morana joined Betfair in 2002 and took up his current post in 2005.
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