The world's largest betting exchange Betfair on Friday reported an increase of 15 per cent in underlying profits for the year up to April 30.

The company said revenue was up six per cent to £349.5million and that continued growth across all platforms, particularly mobile, had contributed to the increase in profits to £92.1m.

The group revealed the exchange had played a key part in the performance, with revenue on non-risk sports up 11 per cent.

Mobile betting was up 122 per cent year-on-year, which contributed to £22.1m in revenue (up 97 per cent).

The company, which is valued at £752m, say current trading is strong, with core revenue up 18 per cent in the last eight weeks, aided by the European Championships.

Interim chief executive Stephen Morana said: "We have delivered double-digit net gaming revenue growth in core Betfair in each of the last three quarters and a healthy increase in profits.

"Betfair has achieved many new highs, with records set in most of the major sporting events including the Champions League final, Cheltenham Festival, Wimbledon, US Masters and Indian Premier League.

"Mobile betting has been a key feature of the year for the industry and our substantial investment in the channel has given us a clear product advantage. The increasing penetration of smartphones and the convenience of the channel for customers have led to strong growth in mobile usage and revenues."

Morana, who is holding the chief executive position on an interim basis before the arrival of Breon Corcoran in August, added: "I am pleased to have had the opportunity to lead the business in this interim period and would like to thank all employees for their support. We look forward to Breon [Corcoran] joining us on 1 August."

Shares in Betfair were up 3.47 per cent at 8.30am on Friday.