Thursday 29 September 2016

All eyes on Paddy Power Betfair ahead of maiden interim results

Published 18/08/2016 | 07:49

Breon Corcoran
Chief Executive of Betfair.
13SR5CORCORAN.jpg
Breon Corcoran Chief Executive of Betfair. 13SR5CORCORAN.jpg

Analysts and investors alike will be keeping a close eye on the results and indeed the future strategy of recently merged betting giant Paddy Power Betfair.

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The two companies came together in an €8bn deal and began trading on the Irish and London stock exchanges in February.

Since then a number of high profile executives have left the business, including ex-Paddy Power chief executive Andy McCue.

On Wednesday Paddy Power Betfair will post its maiden interim results and while the company's growth and performance will be of interest, Davy Stockbrokers said there will be a greater emphasis on its future.

"We believe that the announcement will be closely watched, not least because investors will be looking for more specifics around future strategy; an update on achievable synergies; and comfort that business momentum has not been unduly impacted by integration work and management changes," Davy said in a note this morning.

In the company's first trading update back in April, Paddy Power Betfair said the integration of the two firms was "on-track". The business also reported a 16pc year on year increase for the first quarter of the year.

Ahead of the half-year update Davy remains positive about the betting firm.

"We see good scope for Paddy Power Betfair to achieve market share gains and positive operational gearing in the coming years and believe that this can be achieved while developing technology that will allow the group to become more flexible and self-sufficient over time."

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