Sky Betting and Gaming H1 profit up 45%
Operator posts half-annual revenues of £111m ahead of Sky sale of controlling stake in operator during Q3
Sky Betting and Gaming posted a 45% increase in H1 profits, according to the latest numbers released by parent company Sky ahead of its planned sale to private equity firm CVC Capital Partners in Q3.
According to figures released by Sky PLC this morning, the operator’s revenues for the six months ended 31 December 2014 rose to £111m, up from £83m in the comparative period the previous year.
The Leeds-based operator also posted a 31% year-on-year rise in H1 operating profits, which rose from £20m in 2013 to £29m in 2014.
Sky announced in December it plans to sell a 80% controlling stake in Sky Bet to private equity firm CVC in a deal which values the Leeds-based operator at £800m and Sky today confirmed the deal was on track to be completed by Q3.
Sky will retain a 20% stake in the operator and maintain representation on the board, while also entering into a long-term brand licensing deal.
To sustain the growth of the firm, Sky Betting and Gaming recently began a major recruitment drive which will take the total headcount at the company to more than 650 people.
The operator is now hiring for approximately 90 roles based out of its Wellington Place headquarters in Leeds across all divisions of the business including technology, product development and marketing.