Horseracing decline hits PMU 2014 turnover
A double-digit fall in horseracing revenue sees full-year online turnover fall 2.9%
Pari Mutuel Urbain’s (PMU) online business posted a 2.9% year-on-year decline in turnover during 2014 140.1m following a double-digit fall in its core horse race betting market.
Total turnover from the French operator’s online arm stood at 1.7bn during the 12-month period with turnover from horse racing falling 11% year-on-year to 843m.
However sports betting rose by 15% to 228.7m with the firm reporting a 27% share of the French market and 80,000 new customers during last summer’s World Cup.
The operator did not disclose gross gaming revenue (GGR) figures for its online business with the exception of poker which showed a 1.4% decrease year-on-year to 21.3m.
The performance of the online business reflected that of the wider group where turnover fell 4.1% year-on-year to 9.9bn, while GGR declined 2.2% to 2.5bn.
President and CEO of PMU Xavier Hürstel said the operator would continue to pursue its current development strategy as well as its cost-cutting plan.
“This approach will allow a net income for the benefit of the racing industry in line with the commitments made in 2013,” he said.
“PMU is a solid company and it is this strength that allows it to withstand today and maintain this level of performance,” Hürstel added.
Former PMU managing director Hürstel was appointed CEO of the operator in October as a successor to Philippe Germond who joined European car rental company Europcar the previous month.