PMU hit by gross slight revenue decline in 2015

French racing operator Pari Mutuel Urbain (PMU) has revealed that a year-on-year decline in total turnover during the 12 months to the end of December has also led to a drop in gross revenue at the company.

Total turnover for the year came in at €9.79 billion (€10.65 billion), a decline of 1.8% on the amount posted in the previous year and a figure that represents a third consecutive annual fall.

PMU noted that as a result of this decline, gross revenue from its racing, poker and sports businesses also dropped by 2% year-on-year.

However, despite these figures, president Xavier Hurstel was optimistic over the company's future, stating that it was able to meet its full-year forecasts.

“After a very difficult start to the year, activity has improved in line with a number of operational changes to the back office, as well as new products and further developments in customer service,” Hurstel said, according to the Racing Post newspaper.

“In the end we have met our forecasts for total turnover and gross revenue.

“That, in conjunction with strict monitoring of our overheads, has allowed us to meet our target for contributions to racing's finances.”

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