{"id":20693,"date":"2013-05-07T09:55:56","date_gmt":"2013-05-07T09:55:56","guid":{"rendered":"http:\/\/www.gaming-awards.com\/NEWS\/?p=20693"},"modified":"2013-05-07T09:55:56","modified_gmt":"2013-05-07T09:55:56","slug":"betfair-reports-improved-profits","status":"publish","type":"post","link":"https:\/\/gaming-awards.com\/NEWS\/betfair-reports-improved-profits\/","title":{"rendered":"Betfair reports improved profits"},"content":{"rendered":"<p><a href=\"https:\/\/gaming-awards.com\/NEWS\/?attachment_id=10330\" rel=\"attachment wp-att-10330\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-10330\" title=\"Betfair-logo\" src=\"https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2012\/06\/Betfair-logo.jpg\" alt=\"\" width=\"200\" height=\"120\" \/><\/a>Betfair have announced that their Q1 results will be higher than expected, giving executives at the betting exchange company more opportunity to fight off the CVC purchase.<\/p>\n<p>The company said that they forecast underlying profit of around \u00a373 million on revenues of \u00a3387 million for the year to end April, it announced on a trading update.<br \/>\nEstimates earlier were for \u00a365-70 million profit and revenues in the range of \u00a3370-385 million.<\/p>\n<p>Betfair also raised its cost cutting target, which was previously \u00a320 million to \u00a330 million<\/p>\n<p>In the report there was no mention of the 880p-a-share bid approach from the private equity firm CVC, which the board last month rejected.<\/p>\n<p>Betfair dismissed the approach as &#8220;highly conditional&#8221; and one that &#8220;fundamentally undervalues the company and its attractive prospects&#8221;.<\/p>\n<p>CVC, best known for its ownership of Formula One, has until May 13 to table a formal bid although that deadline could be extended.<\/p>\n<p>Breon Corcoran, the new chief executive parachuted in from Paddy Power last August, is due to give a strategy update presentation this morning.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Betfair have announced that their Q1 results will be higher than expected, giving executives at the betting exchange company more opportunity to fight off the CVC purchase.<\/p>\n","protected":false},"author":3,"featured_media":7910,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[9],"class_list":["post-20693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-igaming","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - 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