The new entity plans to cull some duplicate roles to cut costs...
The newly-merged PaddyPower Betfair gambling group has published preliminary results for the separate companies for the year to December 2015, confirming combined sales of £1.3bn during the year and operating profits of just under £300m.
Operating profits for Paddy Power increased by 10% to €180m while Betfair's revenues grew by 21%.
The performance was expected, but there are some interesting nuggets in this morning’s statement. Chairman Gary McGann points to the fact that the group employs over 7,000 people globally and that in seeking targeted £50m in annual cost savings and that it will be necessary to rationalise some duplicated roles.
Chief executive Breon Corcoran highlights one of the key benefits of the merger, the more efficient application of the £430m spent by the group on marketing, technology and products last year.
"These results show that both businesses entered this merger on the back of strong trading momentum," Mr Corcoran said, commenting on the results.
It’s also emerged that operating losses at what was Paddy Power’s operations in Italy fell by €7m last year to €8m.