Pre-tax profits at Betfred were slashed by almost £200m as the betting giant counted the cost of Covid restrictions that forced its shops to close.
Newly-published accounts have revealed the group's profits slumped to just over £6m in the 12 months to September 26, 2021, compared to the £204.5m it posted in the prior year.
However Betfred, which is headquartered in Birchwood near Warrington, said its turnover had risen by £1m to £525.9m because of the performance of its internet betting operations during the lockdowns.
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The documents filed with Companies House also show the average number of people employed by the group during the year increased from just under 7,000 to almost 7,500.
The amount wagered with Betfred also increased from £6.4bn to just under £7bn.
A statement signed off by the board said: "On an annualised gross basis, amounts wagered, turnover and pre-exceptional EBITDA in the group's LBOs (licensed betting offices) for the period has decreased due to Covid-19 as a result of the temporary closure of shops from November 2020 to April 2021.
"However, amounts wagered, turnover and pre-exceptional EBITDA for internet operations has increased resulted in an overall increase."
The number of LBOs operated by the company by the end of the financial year totalled 1,470, down from 1,529.
Betfred added that loss making shops are "constantly reviewed and closed where the business feels necessary".
During the year the group expanded into an additional US state and acquired 70% of South Africa-based Betting World.
Betfred was founded by brothers Fred and Peter Done in 1967 and opened its first betting shop in Ordsall, Salford.
Fred Done stepped down as Betfred's CEO in 2021, but he remains chairman.
