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Paddy Power Betfair’s latest results show considerable growth

Padd

PaddyPowerBetfair
y Power Betfair plc generated double-digit growth across its divisions during 2016, according to the latest figures released by the group. Revenue was up 18% to £1,551m while EBITDA showed an impressive increase of 35% to £400m, with EBITDA margin increasing 4% to 26%.

Underlying profit received a significant boost to £330m, an increase of 44%, although these positive figures haven’t been enough to please investors; shares in the group are currently nearly 5% down on yesterday.

With the organisation’s major integration and operational changes being completed to schedule in 2016, the focus for the group is now on integrating its technology platforms to realise further efficiencies. Chief Executive Breon Corcoran 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.

“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."

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