Interactive
UK – Paddy Power Betfair up across all four divisions
By Phil - 24 August 2016
Paddy Power Betfair reported revenue up 18 per cent to £759m for the six months ended 30 June 2016 with double-digit growth in all four divisions.
Online revenue was up 20 per cent to £440m, with sportsbook stakes up 20 per cent. In Australia revenue was up 17 per cent to £129m, with sportsbook stakes up 30 per cent.
Retail revenue was up 12 per cent to £147m, with sportsbook stakes up 10 per cent. In the US revenue was up 16 per cent to £43m.
In te5rms of the merger management said the integration was progressing ahead of plan with the majority of actions already completed.
It added that it was now expecting £65m of cost synergies with the full benefit to be achieved in 2017, a year earlier than originally envisaged.
Breon Corcoran, Chief Executive, commented: “Paddy Power Betfair has sustained good momentum through a period of considerable change. The restructuring is now largely complete and the merger synergies are being delivered ahead of schedule. We are creating a world-class operation by exploiting the unique assets and capabilities of each legacy business, particularly in the key functions of technology, marketing and trading. While our industry remains highly competitive and is exposed to the prevailing economic and regulatory environments, our strong market positions, increased scale and enhanced capabilities position us well for sustainable, profitable growth.”
