Paddy Power Betfair combines results for the first time
Financial results for Paddy Power Betfair have been announced for the first time since the operators merged in February.
The results were reported separately as well as combined, with Paddy Power’s figures reflecting the full year 2015 period, Betfair’s figures showcasing its performance for the three months ended 31 January and the combined figures being for the full year 2015.
Paddy Power reported that its full-year net revenue passed the €1bn mark for the first time, increasing 24% to €1.09bn.
Profit before tax crept up 8% to €179.7m.
Operating profit ascended 10% to €180.4m, EBITDA also went up 10%, to €233m, and earnings per share diluted were 332.8 cent, up 12%.
For Betfair’s Q3 2016, revenue went up 21% year-on-year to £138.3m, which was said to be primarily driven by a 51% rise in sportsbook stakes and improved football results.
EBITDA almost flat-lined, moving from £23.6m to £26m.
The combined results did not outline the singular contributions of either operator, but did show that total net revenue for the group was £1.32bn, with online net revenue accounting for £748m (72%) of that total.
Gross profit for the group was £1.01bn and underlying EBITDA was £295.7m.
Gambling Insider has been informed that this marks the last time that the operators will be releasing results on a separate timetable, with future results reflecting Q1 2016 and so forth.
Paddy Power Betfair said it employs over 7,000 people globally.
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