Paddy Power Betfair reports a 16% revenue surge

This is the first set for results released by the merged entity

Paddy Power Betfair reports a 16% revenue surge

PaddyPower.com

The newly-merged gambling group, Paddy Power Betfair has announced a very strong first period of trading for the three months to the end of June compared to the same period last year based on the assumption that both companies operated as one at that stage.

Revenues rose by 16% to £339m with a strong performance registered across all divisions, particularly Australia where the Group’s Sportsbet subsidiary saw a further 25% surge in sales.

EBITDA or trading profits across the group were 27% higher at £59m.

Revenues across the group’s network of 600 shops fell by 1% during the period when the impact of new outlets and currency movements are factored out - the group says this was due to adverse sports results.

In a statement this morning, the company said the good start was a credit to all employees, particularly at a time when the two businesses are merging.

It reports that the company's marketing, technology, and operations performed well through the key Spring racing period and the group is now focussed on preparations for Euro 2016.

"All four of our brands - Paddy Power, Betfair, Sportsbet and TVG -continue to trade well in a highly competitive environment," chief executive Breon Corcoran said.

It was revealed recently that about 300 of the combined company’s Irish staff will leave due to the merger.