Bet365's private companies' profits success; Ladbrokes; Rank Group; 888; Paf...
BET365 has the third fastest-growing profits of all private companies in Britain, according to the Sunday Times PricewaterhouseCoopers Profit Track 100 league table. The Stoke-based online gaming business grew profits by an average of 138% a year over the three-year assessment period. Group profits rose from £5.2m in 2006 to £70.8m in 2009, despite the losses incurred by English Premier League football team Stoke City FC, which Bet365 owns.
BET365 has the third fastest-growing profits of all private companies in Britain, according to the Sunday Times PricewaterhouseCoopers Profit Track 100 league table. The Stoke-based online gaming business grew profits by an average of 138% a year over the three-year assessment period. Group profits rose from £5.2m in 2006 to £70.8m in 2009, despite the losses incurred by English Premier League football team Stoke City FC, which Bet365 owns.
Ladbrokes this week launched a viral video ad campaign, the first of which features former British prime minister Tony Blair strolling into the bookmaker’s shop and placing a bet on Cameron to win. The spoof video has been created by Alison Jackson, who specialises in lookalikes caught in compromising situations. Jackson has been hired by Ladbrokes to produce other films as part of its ‘What are the Odds’ campaign and World Cup-themed videos are expected to be released in the build up to the football extravaganza this summer. The Bafta winning photographer previously created a spoof campaign for drinks brand Schweppes.
Meanwhile, Ladbrokes has also announced that it is to receive a useful cash injection of £80m from the UK taxman, after reaching a settlement with HM Revenue and Customs over its tax treatment of parts of the Ladbrokes business to 31 December 2007. Broker Daniel Stewart has revised its forecast year-end group net debt figure for Ladbrokes from £665m to £585m. The bookmaker will also benefit from a £20m one-off interest income boost in 2010, resulting from the cash receipt.
And completing Ladbrokes-related news, former chief executive Chris Bell has stepped in as interim chief executive at video games retailer Game Group, following a disappointing financial performance and two profits warnings. Bell is a non-executive director of the company, but will remain CEO while a replacement for outgoing Lisa Morgan is found.
Rank Group achieved 4% like-for-like growth in revenue for the 16 weeks to 18 April 2010, with total group revenue increasing 10% year-on-year. The group said this was led by strong revenue growth from Grosvenor Casinos and Rank Interactive (formerly Blue Square). Revenues from its online division were 8% up on the comparative 16-week period in 2009, with a 14% increase from gaming offsetting an 18% decline in sportsbook, due to falls in both stakes and margin. The board welcomed the “positive start to the year with revenue growth in each of its four businesses”.
888 secured third place in the Best First Time Report category at the CR Reporting Awards’ (CRRA), CorporateRegister.com’s highly regarded awards scheme to recognise excellence in corporate reporting. The company’s Corporate Responsibility 2008 report was beaten to top spot by winner The Walt Disney Company and second-placed organisation Brasil Foods SA. Chief executive Gigi Levy described the recognition as “an endorsement of our commitment to corporate and social responsibility”. The company appointed report author Ruth Tanami as director of responsible gaming in 2006.
The gambling company of Finland’s semi-autonomous à land islands, à lands Penningautomatförening or Paf, has agreed a one-year extension to its deal to supply its Scratchorama scratchcards on Swedish charter airline TuIfly Nordic, following a successful trial. Passengers stand a chance of winning instant prizes through the lottery offering, such as holidays or money, through PAF.com. The scratchcards are also available on Stena Line ferries throughout Europe. Paf is seeking to secure other airline brands via its retail partner Iinflight Service Europe AB.
Privately owned Bet365 has the third fastest-growing profits of all private companies in Britain, according to the Sunday Times PricewaterhouseCoopers Profit Track 100 league table.