Sky reveals pre-sale Sky Bet profit numbers
Leeds-based operator records £30m profit and £158m in revenues during the eight-and-a-half month period prior to sale
Sky Betting and Gaming recorded an operating profit of £30m for the eight-and-a-half month period prior to its acquisition by CVC Capital Partners in March, according to latest figures released by former parent company Sky.
In its results for the 12 months ended 30 June 2015, Sky also revealed the operator generated revenues of £158m before its sale on 19 March, in a period which would have included three months of point of consumption tax on its gaming revenues.
The financial figures from the Leeds-based operator compare to a 2014 operating profit of £57m and revenues of £182m for the 12 months ended 30 June 2014.
Sky sold an 80% stake in Sky Betting and Gaming to private equity and investment firm CVC Capital Partners in March in a deal which valuated the operator at approximately £800m.
Since the announcement of the acquisition Sky Bet revealed plans to open a new office in Sheffield backed by £10m investment over the next five years with much of its product development work allied to international expansion plans, initially focused on the Italian market.
To aid its expansion into Italy the operator will open an office in Rome next year ahead of a full-launch, likely to occur in H2 2016.