Betfair delivered its shareholders an early Christmas present, as the operator paid out a £200 million cash return and introduced a 50% dividend increase.
On Thursday, the operator had announced a record half year results for its corporate performance, recording EBITDA performance of £73.9 million up 51% on 2014 £48.9 million. The operator stated that its performance had been driven by increased player activity combined with favourable sporting results.
Betfair, which ended the period with £271.4m of cash, increased its interim dividend by 50% to 9 pence a share and raised its medium term dividend payout target to about 50% of earnings. The operator upped its forecast of core profit in the 2014-15 year to £97-103m to reflect the first half performance and “the momentum we take into the second half”.
City analysts and investors had been waiting to see how the operator would choose to use its cash pile up, some speculating whether Betfair and CEO Creon Corcoran would use the cash to acquire igaming competitors and technologies for 2015.
Betfair corporate governance announced on Thursday that it would return £200 million shareholders combined with an interim dividend of 9p per share. The cash return will be paid out on January 16.
read more : www.sbcnews.co.uk
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