UK Tote Group reports mixed full-year results
UK betting revenue grew, but international revenue fell while costs doubled.
UK.- The UK Tote Group has reported financial results for the year ending 24 September 2023. Wagers were up by 9.6 per cent at £601m, driven by the UK. However, international pools performance pulled revenue down while costs doubled.
UK revenue rose 14.3 per cent to £22m. However, revenue from other markets declined by 14.1 per cent to £18.9m due to the lack of wagering into international pools in the US, South Africa and Hong Kong. In October, the group entered into an agreement with France’s Pari Mutuel Urbain (PMU) to add French horse racing to its UK and Ireland pool betting offers.
Operating losses rose from £6.2m to £12.4m, resulting in a net loss of £13.5m. Meanwhile, EBITDA was negative £3.6m compared to a positive £2.7m in 2022.
The UK Tote Group said it has launched a cost-efficiency drive and aims to return to positive EBITDA in the current financial year. Nevertheless, it noted the persistence of economic challenges, including “inflationary cost pressures creating [a] significant cost of living crisis characterised by economic uncertainty.” It expects this to continue to impact its results for the current year but said its cashflow can support future growth.
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