Paddy Power Betfair integration "on-track" as sales increase 16pc
Post-merger integration at newly merged Dublin-headquartered betting giant Paddy Power Betfair is on track after the company reported a 16pc year on year increase in its revenues.
In a trading update released to shareholders this morning revenue in the first three months of the year was £339m with the firm reported good performance across all of its divisions.
Online revenue increased by 17pc to £195m with sportsbook stakes increasing by 23pc.
Group earnings before interest, tax, depreciation and amortisation (EBITDA) rose 27pc on a pro forma basis to £59m while the company's operating profit soared 36pc to £43m.
Paddy Power Betfair chief executive Breon Corcoran said all four of the company's brands (Paddy Power, Betfair, Sportsbet, and TVG) continued to trade well in a "highly competitive" environment.
"This good start to the financial year is a credit to our colleagues, particularly at a time when we are bringing together two businesses. Our marketing, technology and operations performed well throughout the key spring racing period and we are now focused on preparations for Euro 2016," he said.
The chief of the betting giant said the integration of the two firms is "on-track" following its merger earlier in the year.
"A strong leadership team is in place and restructuring of the business has commenced. We are working to bring the best of each business to the combined group and customers are starting to see some early benefits as we roll out product features across the brands."
The company's net debt at the end of March stood at £54m.
Australian revenue jumped by 25pc to £58m with sportsbook stakes rising 31pc.