2016 was a strong year of growth for one of the leading sports betting and gaming groups in the world, Paddy Power Betfair PLC, according to its year-end results.
Paddy Power Betfair Plc, has announced its preliminary results for 2016 showing solid revenue growth and key integration actions completed with ongoing synergies of £65m.
The company’s total revenue increased by 18 percent to £1,551m, with underlying EBITDA up 35% to £400m, alongside double digit revenue growth across all four of its operating divisions – Online, Australia, Retail and US.
2016 was a transformational year for Paddy Power Betfair with much of the integration of the businesses completed sooner and more efficiently than expected
Breon Corcoran, Chief Executive, commented: “2016 was a transformational year for Paddy Power Betfair with much of the integration of the businesses completed sooner and more efficiently than expected.
“The integration of our technology platforms is on track and customers are already seeing some benefits, including more markets and better odds.
“In keeping with our dual brand strategy, we are serving different parts of the market with distinct value propositions. For instance, at Cheltenham next week Paddy Power has a generous money back offer for second place and Betfair will reward winners with a free bet offer and exceptional odds.
Following these preliminary results, Paddy Power Betfair Plc claims it will be strengthening its focus on technology and brand positioning in UK & Ireland for 2017 through the integration of technology platforms.
So far this year, the company’s trading has been in line with their estimations including Group sportsbook stakes growing 22% or 12% in constant currency.
Corcoran concluded: “We have created a business with considerable scale that is stronger and better able to compete than either of the individual legacy companies. The Group is well positioned to deliver sustainable, profitable growth.”
To view the company’s full preliminary results for the year ended 31 December 2016, visit www.paddypowerbetfair.com