Betfair the online betting and gaming operator has released its full year results for the period ending April 2011 which are better than expected. The company expects strong performance going forwards: "many of the new products expected to drive future growth launching in the second half of the year."

Key Performance Indicators include:

- Group revenue up by 8.1% of £368.6 million compared with £340.9 million in 2010

- Profit after tax of £35.1 million compared with £22.7 Million in 2010

- Final dividend of 5.9 pence per share declared

- Positive cash position at 30 April 2011 of £155.0 million

- Customer funds held on deposit at 30 April 2011 of £305.6 million

- Surge in revenues from mobile operations by 88%

- Decline in Poker revenue by 14%

David Yu, Betfair's CEO, commented: "The past 12 months have seen significant change at Betfair as the business continued to grow and made the transition to being a public company. A huge amount has been achieved during the period and I'm delighted that we have more customers than ever resulting in a record number of bets placed and that we've reported record revenue and profitability.

"Despite these successes, revenue growth during FY11 could have been stronger but we have delivered a significant improvement in margin resulting in profitability for the year above expectations.

"We look to next year with confidence as we execute a strategy that we believe will cement our position as the leading online sports betting operator."