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Shares in Betfair fall despite a 13pc hike in revenues

FORMER Paddy Power chief operating officer Breon Corcoran has presided over his first set of financials as chief executive of UK rival Betfair.

Shares in the firm fell over 2pc in early London trading even as Betfair reported a 13pc rise in revenue to £91.6m (€114.5m) in the three months to the end of July.

The company’s chief financial officer, Stephen Morana, has announced that he’s to depart the business once a replacement has been found.

“It's been a very difficult decision to make but I feel the time is now right, for both me and the company, to move on,” he said.

Mr Corcoran’s appointment as Betfair chief executive was announced late last year, but he only took up the role last month due following so-called ‘gardening leave’ after his departure from Paddy Power.

Betfair said growth in the first quarter of its financial year had primarily been driven by the Euro 2012 championship. Its active customer base jumped 13pc to 485,000. Mobile betting revenue was 98pc higher at £8.2m (€10.2m).