French betting operator Pari Mutuel Urbain (PMU) has announced that for the first time in five years its annual revenue has increased.
Detailing its provisional operating revenue for the year of 2017, PMU reported a 2% rise on the previous year with revenue of €9.92 billion.
A significant factor in the growth came from the group’s international racing division, which reported a 10% increase on corresponding results, as a company that prides itself on its racing offering, PMU would have relieved to see its domestic racing turnover rise by 0.9%.
Unsurprisingly, given the absence of a major international football tournament, revenue from its sport betting vertical declined from 2016 corresponding 2016 performance.
Since the exit of Director General Xavier Hurstel last November, on an interim basis the group has been under the helm of Alain Resplandy-Bernard, commenting on the results he stated: “The implementation of the PMU’s strategic plan is beginning to bear results and in 2017 the PMU returned to the path of growth.
“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. 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.”
Under the previous government the French gambling market had endured restrictive regulations, after protests in the country subsequently led to it putting the brakes on a pilot project that was aimed at live sports betting in the high street.