Tuesday 31 May 2016

Paddy Power revenue spiked 24pc ahead of Betfair merger

Published 08/03/2016 | 07:39

Breon Corcoran, Chief Executive of Betfair
Breon Corcoran, Chief Executive of Betfair

Revenue at Paddy Power, the betting giant that merged with Betfair in February, increased by 24pc to €1.09bn last year.

The firm merged with Betfair to create a new firm called Paddy Power Betfair, which began trading on the Irish and London stock exchanges, on February 2.

Paddy Power posted its full year results for 2015 this morning, which showed a 10pc jump in its operating profits. The group reported an operating profit for the year of €180m.

Earnings per share at the company rose 12pc to 332.8c while it increased its full year dividend by 18pc to 180c per share.

Chief executive of Paddy Power Betfair, Breon Corcoran, said the results showed that the two companies had entered the merger on the back of strong trading momentum.

"Our belief in the strategic rationale for the deal has only been strengthened following our early days as a combined operator. The combination of two industry leading operators, with aligned strategies and a strong cultural fit, is hugely exciting and the enhanced efficiency from operating at greater scale means we are well positioned to compete in both existing and new markets.

"The integration of the two businesses is progressing well and we look forward to capitalising on the opportunity we have to drive future profitable growth," the chief executive said.

As well as Paddy Power posting its full year results, Betfair published its third quarter results for the period immediately up to the merger.

In Betfair's results for the quarter revenue was up 21pc to £138m while EBITDA grew 10pc to £26m.

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