UK bookmaker Betfred swung to an eight-figure loss in its most recent fiscal year despite a significant revenue gain.

This week, the privately held Betfred released its results for the 12 months ending September 24, 2017, which showed revenue improving 9.6% to £634.5m while earnings rose 3% to £83.3m. Total gambling turnover across Betfred’s retail, online and Tote divisions was up 17.5% to £12.7b.

The revenue improvement came largely via the company’s October 2016 addition of 322 Ladbrokes Coral betting shops, its Totepoool business signing a commingling deal with the Hong Kong Jockey Club as well as an unspecified rise in its online customer base.

Regulus Partners analysts estimated that Betfred’s online revenue improved 3% year-on-year to £90m, while the Tote improved 12% to £329m, although some of that latter figure was shared with Betfred’s B2B partners.