PMU boosted by first revenue rise since 2011
French betting operator Pari Mutuel Urbain (PMU) has reported a year-on-year increase in annual revenue for the first time in five years.
Figures released this week by the company show provisional operating revenue of €9.92bn ($12.09bn) in 2017, which represents a rise of 2% on the previous year.
PMU is responsible for around 80% of wagering on horseracing in France and in 2017, the company saw domestic turnover on racing climb 0.9% year-on-year, while its international division reported an increase of 10%.
However, the operator did suffer a year-on-year drop in sports turnover, mainly due to the lack of a major national team football tournament in 2017, although this is expected to improve this year with the 2018 Fifa World Cup in Russia.
Alain Resplandy-Bernard, who is currently serving as interim chief of PMU after Xavier Hurstel stood down as director last November, praised the performance of the company in the past year, paying tribute to its strategic plan.
“The implementation of the PMU’s strategic plan is beginning to bear results and in 2017 the PMU returned to the path of growth,” Resplandy-Bernard said, according to the Racing Post.
“Our objective in 2018 is to continue growth across all sectors of the business and to permanently cross back over the threshold of €800 million in net profit [returned to racing and trotting].
“I know the teams across the PMU are ready to meet this challenge and to ensure sustainable growth for the business to the benefit of horseracing's finances.”
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