Betfred has revealed that its pre-tax profits have decreased by over £200 million ($240.5 million) for the 12 months ending September 26, 2021. The company reported a profit of £165 million after taxes for the year ending in 2020; however, this figure dropped to just £5.3 million for the period ending in 2021.
In a financial report, the company discussed the effect that the restrictions on Covid-19 had on its business operations. Specifically, the report described how the company would be forced to close all of its licensed betting offices (LBOs) on March 20, 2020, and that additional local and national lockdowns would continue to cause closures and disruptions throughout the following year. According to the paper, "the impact on income and cash is enormous." [Citation needed]
The company recorded a decrease in pre-tax profit for the quarter, although it did claim an increase in turnover for the period, which increased by nearly £1 million to £525.9 million. In addition, the total gross profit increased from £410.2 million to £412.6 million.
The gap in these data can be traced to a notable increase in the number of users of Betfred's online gambling services, which helped to offset the losses that the company experienced as a result of the closure of betting shops.
This is evident in the amount of money wagered at the company, which increased from just under £7 billion to just over £6.4 billion as a direct result.
In addition, the corporation stated that the typical number of employees increased from 7,000 to slightly under 7,500 in the course of the year.
The following was said in a statement released by the board: "On an annualized gross basis, amounts wagered, turnover, and pre-exceptional EBITDA in the group's LBOs for the period have reduced due to Covid-19 as a result of the temporary closure of stores from November 2020 to April 2021."
On the other hand, "amounts wagered," "turnover," and "pre-exceptional EBITDA" for internet operations have all increased, which has led to an increase in the overall number.
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