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.
|4th Quarter 2019||2019 Full Year|
|€M||% Change||€M||% Change|
"The positive trend we have seen in activity since April and continuing through to the most recent trimester confirms our strategic choice of re-centering the PMU on it's racing DNA. The relaunch plan, focused on the heart of our clientele and our traditional high street outlets, has allowed us to recreate an attractive offer to punters and to improve the partnership with our network of shops. We will redouble our efforts in 2020 to give even greater satisfaction to our clients."
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.