Betfair Group Half-Year Profit Gains

Betfair Group PLC BTFRF reported an increase in its half-year profit. Betfair's pretax profit for the period surged to 67.3 million pounds ($105.3 million), versus GBP31.7 million, in the year-ago period. Its revenue climbed 26% to GBP237.6 million compared to GBP188.0 million. Chief Executive Officer Breon Corcoran said, "These results demonstrate strong delivery against our strategy for achieving sustainable growth that we outlined two years ago. We have substantially strengthened our competitive position by investing in products that differentiate Betfair and by enhancing our marketing capabilities in a crowded market place.” "The performance in the first six months of the year, coupled with the momentum we take into the second half, means we now expect EBITDA for the full year to be between £97m and £103m."