Tag: financial
Betfair H1 results – Exit LMAX – Rev up, earnings down 25%
A right old mixed bag in Betfair’s results this morning. Official results here: –
https://corporate.betfair.com/media/press-releases/2012/13-12-2012.aspx
If you want the full set of results, regulatory disclosure and detailed extracts, please visit the Bet Angel forum.
As expected Betfair’s new CEO taking the opportunity to hit the reset button on the business. This is a very common practice for incoming CEO’s and will allow better comparitive results this time next year. This set of results you can take in any number …
Short Betfair!
Page seven of the business section in the Evening Standard today. Thought you may want to see it.
Basically they are saying short because of the GC stuff, which we know is not an issue anyhow, so a poor piece of journalism there. But also because the share buyback has supported the price and that is about to end. I’d say that was a better piece of insight.
Overall, It is going to be a big sporting year so I …
Betfair continues squeeze on users
Full management statement here: –
https://corporate.betfair.com/media/press-releases/2012/06-03-2012.aspx
Having been an active investor for over 20 years, here is my take on the management statement. Management statements always focus on the positive and you have to read a bit deeper than the headlines.
Core revenues up 11%, but no mention of non core revenues, other than ‘they are in line with expectations’. The games products are no longer working and despite being pushed in-front of all users, which personally I find very …
A question of scale (part one)
I got a phone call from the Financial times the other week about the collapse of Centaur. They wanted to know how I knew it would collapse long before it did, they originally phoned me for an opinion when Centaur first started up and I told them then what I repeated recently.
When you looked at the proposition there were in fact many, many flaws in there; but the top one for me was one of scale. Mainly because I’ve …
Betfair revenue down 7%
Full regulatory news release available from the following link: –
https://www.investegate.co.uk/article.aspx?id=201109060700136723N&fe=1
Betfair’s LMAX loses £13.2m in first year
Betfair’s majority owned financial trading product LMAX recorded pre-tax losses of £13.2m for the year ended 30 April, Betfair’s annual report has shown. Full story: –
https://www.egrmagazine.com/news/
I think LMAX is going to continue to be a burden for Betfair. There are already very good solutions in place in this market and despite the suggestion it’s a new way, most new users have found that the markets are heavily seeded and the fill rates poor. It’s got a long way …
A sea of red
Fortunately this doesn’t reflect my betting exchange activity, tepid though it is this week. The title refers to the chaos in financial markets. As a lot of your know I am heavily invested in financials and it’s part of my grander plan to eventually sit on my bottom each day doing nothing. I’ve been actively investing since 1990 and messing around for longer than that. It was gambling that lead me to the great casino of the lot, the stock …
IG Index vs Betfair
IG Index released year end results yesterday and they make interesting reading when compared to Betfair. I quite like comparing IG Index and Betfair as they are both spread betting companies, moreso now than ever. Now they are both listed companies, its possible to draw some rough lines around both businesses. Comparisons to IG helped me decide that Betfair was way overvalued when they listed.
Revenues are fairly similar across both businesses but margins at IG are much higher and …
Betfair premium charge & earnings soar
As we are all aware now, Betfair pleaded poverty and an imbalanced business model again yesterday, when announcing another new charge. This time hitting consistent earners for up to 60% of their profits. We heard the similar stories for data charges, transaction charges and the premium charge part one and all the other various amendments over the years to their charge structure.
This didn’t stop them from announcing record revenue and earnings a few hours later. Earnings per share are …
Ladbrokes results
There is a summary here: –
https://www.bbc.co.uk/news/business-12490900
Or the full detail here: –
https://www.ladbrokesplc.com/media-centre/press-releases/releases-2011/2011-02-17.aspx
A mixed bag of results, but pretty good given the underlying weakness in core markets. Labrokes is still 3-4 times the size of Betfair depending on how you measure it.
Bookmakers still alive and well
William Hill came out with a year end statement today and the headline results were pretty good. Net revenue is expected to come in up 7% on the year delivering EBITDA of around £275m up from £258m in the prior year. Online revenue has grown 24% with sportsbook turnover up 57%.
One other note from the statement was that 47% of scheduled UK racing meetings were cancelled in December.
Full results will be out in late February. It seems traditional …
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