Betfair has released its latest trading results showing a good first half for the period ending 31st October. Underlying profit increased 43% to £20.6 million and underlying group revenues were up 1% to £191.3 million. EBITDA was also up by 36% to £42.4 million.

Core revenue showed a 12% year-on-year increase in Q2 and adjusted EBITDA up 26% to £ 44.6 million. Underlying earnings per share with the group increased 43% to 19.5p with a proposed dividend of 3.2p. The company bought back £23.7 million in its own shares to date.

The company said that core revenues were 13% up in Q3 to date and planned to launch a new website in the near future which would show an improved speed, reliability and search functions.

David Yu, the CEO of Betfair added: 2I am pleased with our performance in the first half of the year, with record revenues and profits. After a solid first quarter, we delivered a strong second quarter with Core Betfair revenues up 12 percent. These results were driven by an excellent Exchange performance following a very positive start to the football season and improved monetisation of activity.

“Mobile betting has continued to grow strongly in the first half, with double the number of mobile bets placed compared to the same period last year. We have continued to make progress in the third quarter, with 41% of UK Exchange customers placing a mobile bet in November, driving mobile revenue to around 9% of Exchange revenue.

"We are continuing to focus our investment in the product and will shortly be introducing mobile gaming as well as further updates to our existing mobile sports betting applications, leaving us well placed to deliver further growth from this important channel.

“We have maintained our positive momentum in the third quarter, with Core Betfair revenue up 13% against the prior year. Whilst the economic environment remains uncertain, we expect to make further progress in the second half and remain comfortable with the outlook for the financial year."