Former French monopoly betting operator Pari Mutuel Urbain have posted a better-than-forecast set of provisional results for 2019, with turnover of €9.56 billion and an operating profit returned to fund racing and trotting of €760 million.
That is €13m ahead of budget and will be welcome news to the two governing bodies, both of whom have been forced to tighten their belts in terms of running costs in recent years.
The headline figure from the PMU results for September to December of 2019 marked a continuing recovery in the health of the domestic racing market, and was a third consecutive quarter to register growth in the business' core product.
PMU director general Cyril Linette introduced a policy of simplifying the range of bets offered to French punters at the start of 2019 with a reduction in the number of foreign meetings offered and, after a drop in the figures for the first quarter, now believes his strategy is bearing fruit.
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In concert with France Galop and Le Trot's efforts at reducing costs, PMU have cut €50m out of its own overheads in the last 18 months.