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Retail & Consumer

Betfred's profits pass milestone despite pandemic hitting turnover by almost 拢100m

Betfred was founded by Fred Done in 1967

Betfred's first shop was based in Salford

Betfred's pre-tax profits passed £200m during its latest financial year despite the Covid-19 pandemic forcing its turnover to drop by almost £100m.

For the 12 months to September 27, 2020, the group's pre-tax profits increased from £171.2m to £204.5m but its EBITDA fell from £48.5m to £35.3m over the same period.

Betfred, which is headquartered in Birchwood, near Warrington, has also reported a turnover of £524.9m for the year, down from £621.3m.

The amount wagered fell in the year from £10.1bn to £6.4bn as a result of the Covid-19 pandemic closing Betfred's shops and the suspension of elite sport from March until June 1, 2020, which also impacted its online business.

During the year the group opened two sites in the USA and is planning on expanding to other states in the future.

Betfred also acquired Sharp Gaming, an online platform development business, for £3.5m.

The number of shops the group operated in the year decreased from 1,578 to 1,529 while the average number of people employed by the group at the year end fell from 7,154 to 6,993.