(SHARECAST) Betfair finance director Stephen Morana has bought £100,000 worth of shares in the betting exchange operator following yesterday’s share price fall on the back of interim figures.
Betfair floated in October at an offer price of 1,300p a share. It dipped below that price prior to the interims and at one point yesterday it fell below 1,000p a share. There are concerns about whether Betfair can meet full-year targets. Reported profit declined from £9.19m to £7.45m. That includes exceptional costs from corporate projects of £16.8m.
Active Betfair customers rose by 31 percent to 654,000 but average revenue per user fell 16 percent to £213.
Morana has bought 9,641 shares at 1,037.14p each. Along with his wife he owns 13,550 shares.
Morana, who Financial Director inteviewed in February 2010, joined Betfair in 2002 and took up his current post in 2005.