Paddy Power profits and dividends rise

The company could finalise its merger with Betfair as early as next week

Paddy Power profits and dividends rise

PaddyPower.com

Bookmaker Paddy Power has confirmed that due to a good trading performance towards the end of 2015, it expects to record operating profits before exceptional items of €180m for 2015.

The company has released a trading statement for the final seven weeks of last year.

On this basis, the board has declared a final dividend of €1.20 per share bringing the full year dividend to €1.80 per share.

These dividends will be paid along with each shareholder’s share of a special €80m dividend payout arising from Paddy Power’s pending merger with Betfair in early March.

Completion of the merger is expected to take place next Tuesday. The two companies intend to create the world's largest gambling group with a combined value of €9.4bn.

The proposal cleared its final regulatory hurdle last week as the Competition and Consumer Protection Commission gave the deal its green light.

It found that it would not substantially lessen competition in the gambling market.