Paddy Power Betfair reveals widespread growth in 2015

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Paddy Power Betfair has revealed significant financial growth in the 12 months to December 31, 2015, across the existing Paddy Power and Betfair operations, which merged last month to form the new entity.

Full-year revenue at Paddy Power amounted to €1.1 billion ($1.2 billion), which represents an increase of 24% on the amount posted in the previous year, with the firm noting double-digit growth across online (23%) and retail (15%).

Operating profit was up 10% to €180 million, or 50% before €66 million in new taxes and product fees, while diluted earnings per share increased 12% year-on-year to 332.8 cents per share with a full-year dividend of 180 cents per share.

Meanwhile, revenue within the Betfair arm increased 21% year-on-year to £138 million during the three months to January 31, with the firm citing a 51% growth in sportsbook stakes and improved football results as the main reasons behind this rise.

Revenue increased 31% year-on-year following a 27% increase in the number of active customers, while earnings before interest, tax, depreciation and amortisation for the quarter jumped 10% to £26 million, or 30% before £5 million in new taxes.

Breon Corcoran, chief executive of Paddy Power Betfair, said: “We were very pleased to complete the merger of Paddy Power and Betfair, creating one of the world’s largest online betting and gaming companies with enlarged scale, enhanced capability and distinctive complementary brands.

“These results show that both businesses entered this 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.”

Source: Igamingbusiness.com

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