Friday 30 September 2016

Paddy Power anticipates €180m profit

Published 28/01/2016 | 02:30

Paddy Power has been cleared to merge with fellow betting company, Betfair. Photo: PA
Paddy Power has been cleared to merge with fellow betting company, Betfair. Photo: PA

Paddy Power, the Irish bookmaker, has reported strong trading in the final seven weeks of last year and expects to file an operating profit of around €180m for its financial year.

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In a statement released to the Irish Stock Exchange this morning the company said that the €180m profit would result in earnings per share of €3.33 before the costs associated with its merger with Betfair are accounted for.

Paddy Power also announced a final dividend for 2015 of €1.20 per share, bringing the full-year regular dividend for last year up to €1.80 per share.

Paddy Power has been cleared to merge with fellow betting company, Betfair, with the deal expected to be completed on February 2.

The merger is set incur £65m (€89m) of synergies costs between both companies as they integrate their businesses.

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