Betfred has announced pre-tax profits of £64 million for the financial year ending on March 29, 2026, with its retail division generating more than half of the company's total sales. Documentation filed with Companies House revealed that the profit figure is based on a 52-week accounting period, which is shorter than the previous year's 78 weeks, making direct comparisons between the two periods challenging.
The company recorded £7.1 million in exceptional charges, which included £4.6 million related to unsuccessful acquisition attempts. These charges were partly attributed to complications arising from Betfred's exit from the American market. Retail turnover played a significant role in Betfred's performance, reaching £544 million, while online turnover was reported at £451.7 million for the same period.
After accounting for gambling tax, gaming taxes on machines, and other operational expenses, Betfred reported a gross profit of £720 million. The breakdown of the company's tax obligations includes a betting tax totaling £147.4 million, gaming tax on machines at £54.5 million, gambling duty of £18.6 million, and commission costs of £55.1 million.
Operating profit stood at £74.1 million, with profits before tax calculated at £64 million. The company's activities resulted in a profit of £39.6 million after considering tax expenses of £24.4 million. Additionally, comprehensive revenue reached £48.7 million, bolstered by a positive foreign exchange difference of £9.5 million.
It is important to note that this reporting period does not reflect the increased UK taxes on betting operations that took effect in April 2026. Looking ahead, Betfred has disclosed plans to close 132 betting shops across the UK in July, which constitutes about 10% of its retail network. This decision is expected to lead to the loss of approximately 600 jobs. Fred Done, a key figure in the company, expressed that the tax increases threaten the company’s viability in the UK market.
