PMU profit reaches €793m in 2017
France’s Pari Mutuel Urbain (PMU) has posted profit of €793m ($973.5m) for the year 2017.
The firm announced a return to growth for the past 12 months, with horseracing betting activity up for the first time since 2012.
Total wagers climbed 2% year-on-year to €9.93bn, while gross betting revenue dropped by 0.3% to €2.44bn in 2017.
PMU also cited the success of its ‘PMU 2020.1’ scheme, which included the roll-out of various new horseracing products and services over the past year.
The company said this initiative, combined with a performance plan that started in 2016, helped to save €21m in operating expenses and allow the firm to post a net result in line with budget commitment for the full year.
PMU now intends to build on this success by rolling out a major marketing plan based around this year’s summer Fifa World Cup national team football event.
The firm said it hopes to recruit new customers for the tournament, which runs from June 14 to July 15 in Russia.
Related article: PMU confirms new chairman and CEO