LONDON: Betfair Group PLC (BET.LN) Wednesday increased its dividend as it posted half year revenue growth due to increased customer activity. For the six months ended Oct. 31, the gambling firm’s earnings before tax depreciation and amortization or Ebitda rose to 80.5 million pounds ($122.2 million) from GBP73.9 million the year earlier as revenue climbed 15% to GBP274.4 million from GBP237.6 million previously.
Interim dividend rose 67% to 15.0 pence per share from 9.0 pence reflecting continued strong cash flow and the higher payout ratio target of 50% introduced in December 2014, Betfair said.
“Betfair’s two largest markets, the U.K. and the U.S.A., accounted for most of this growth. Our Sportsbook continued to take market share, with stakes up 93% year on year. In the U.S., TVG’s acquisition of HRTV in February 2015 gave it greater distribution and access to premium content, which, together with the business’ existing momentum, resulted in half year revenue growth of 38%,” chief executive officer Breon Corcoran said.
