BBet365 Group Limited has reported impressive financial results for the 53-week period ending March 31, 2024, marking a strong recovery from the challenges faced in the prior fiscal year.
The global gaming giant has demonstrated resilience and strategic growth, evidenced by a significant increase in profitability and shareholder returns.
Strong Growth in Turnover and Profitability
Bet365 reported a turnover of £3.72 billion, a 9% increase compared to £3.41 billion in the previous fiscal year. This growth underscores the company’s ability to expand its customer base and sustain robust operations across its gaming and football club facilities.
The company achieved an operating profit of £365.7 million, a stark turnaround from the £37.3 million operating loss recorded in 2023. Profit before taxation also improved dramatically, reaching £626.6 million, compared to a loss of £72.6 million in the prior year.
Net profit for the year stood at £596.3 million, further solidifying the company’s financial recovery and operational efficiency.
Increased Dividends to Owners
Bet365 distributed £110 million in dividends to its owners in 2024, up from £100 million in 2023.
Total comprehensive income for the year was £501.2 million, a notable improvement from the £61.2 million comprehensive loss reported in 2023.
Key contributors to this growth include:
- A reduction in currency translation differences, which resulted in a net expense of £2.2 million, compared to a gain of £11.4 million in 2023.
- A revaluation of land and buildings, adding £3.2 million to comprehensive income.
Robust Financial Position
As of March 31, 2024, Bet365’s financial position reflected a strong foundation for future growth:
- Net Assets: Increased to £2.97 billion, compared to £2.58 billion in the prior year.
- Cash Reserves: Reached £1.81 billion, showcasing strong liquidity.
- Net Current Assets: Rose to £2.67 billion, a year-on-year improvement of over £407 million.
Bet365 continued to make strategic investments to support its growth and operational efficiency. The company’s fixed assets increased to £374.2 million, reflecting its commitment to enhancing its infrastructure and capabilities.
