Paddy Power Betfair announce strong quarterly results
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).
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. "
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