Paddy Power Betfair post positive interim results
EBITDA (Earnings before interest, taxes, depreciation and amortisation) grew 31 per cent to £181m, notwithstanding a £37m (31 per cent) increase in marketing spend.
Online revenue was up 20 per cent to £440m, while retail revenue increased 12 per cent to £147m. There was also gains of 17 per cent (to A$129m) in the Australian sector and 16 per cent ($43m) for the US arm of the company.
Merger progressing well
The merger integration is well ahead of schedule, with cost synergies of £65m expected to be achieved next year, a sizeable increase on the £50m target.
Chief executive Breon Cocoran said: "Paddy Power Betfair has sustained good momentum through a period of considerable change. The restructuring is now largely complete and the merger synergies are being delivered ahead of schedule.
"We are creating a world-class operation by exploiting the unique assets and capabilities of each legacy business, particularly in the key functions of technology, marketing and trading.
"While our industry remains highly competitive and is exposed to the prevailing economic and regulatory environments, our strong market positions, increased scale and enhanced capabilities position us well for sustainable, profitable growth"