Paddy Power Betfair announce strong quarterly results

Paddy Power Betfair: firm raised profit forecast

PICTURE: Strong quarterly results for Paddy Power Betfair
By Scott Burton 9:05AM 4 NOV 2016

PADDY POWER BETFAIR have reported strong third quarter trading results, with a 25 per cent rise in earnings for the period to the end of September compared to last year.

That £404 million revenue translated into an underlying operating profit of £95m, an increase of 68 per cent, and the company revised its estimated full year profits target to between £390m and £405m ebitda (earnings before interest tax depreciation and amortisation).

Paddy Power and Betfair officially merged in February and were immediately faced with the challenge of a poor set of sporting results for bookmakers at the Cheltenham Festival the following month.

But a strong finish to the Euro 2016 football tournament contributed to a 26 per cent increase in stakes on the sportsbook business, while the trading statement also pointed to "accelerated synergy" between the two parts of the business.

Chief executive Breon Corcoran said: "This was another good quarter for Paddy Power Betfair. We are continuing to focus on building a stronger combined operation by exploiting the unique assets and capabilities of each legacy business, and on using our scale to better serve our customers.

"Work is underway to combine the best of Betfair and Paddy Power's technology into a multi-brand, multi-channel, multi-jurisdictional platform that will start to unlock the full potential of the Group's scale and will lead to increased pace of development and faster roll out of new products. "

The City reacted favourably to the results with the Paddy Power Betfair share price trading at £88.65 early on Friday, having closed at £85.80 on Thursday evening.

Read More at Racing Post

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