Paddy Power Betfair has revealed its first set of interim H1 results, reporting a rise in revenue of 18 percent to £759m (€890m) and double-digit growth across its four core divisions.
[dropcap]F[/dropcap]or the six months ended 30 June 2016, underlying operating profit grew 39 percent to £148m (€174m), however an operating loss of £48m (€56m) was recorded after merger-related items. Online revenue for H1 was posted at £440m (€516m), a 20 percent increase, while sportsbook stakes also grew by 20 percent. Retail revenue rose 12 percent to £147m (€172m), while takings from Australia and the USA experienced growth of 17 percent and 16 percent respectively.
A 31 percent year-on-year increase in underlying EBITDA, which rose to £181m (€212m), built on the positive outlook presented by the H1 results,
The multi-channel operator also revised its expected timeline for achieving cost synergies of £65m (€76m), changing the date to 2017, a year earlier than originally planned.
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.
Breon Corcoran, CEO of Paddy Power Betfair, said: “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.”