Paddy Power Betfair revenue up 9% in Q3
Paddy Power Betfair Plc (PPB) continues with its trajctory of positive growth by boosting revenue almost 10% in the third quarter of 2017.
The sports betting giant has announced this week that group revenues in Q3 rose by 9% to £440m compared to the same period last year.
In a company filing, the company highlighted that sports revenues were “in line with our expectations” as it recorded a 5% increase in underlying profits to £101m. Its online revenues were down 3%, but this is a positive result considering that compares with the third quarter last year when Euro 2016 took place.
Paddy Power is experiencing a strong financial year, recording a 7% hike in EBITDA, up to £121m for the period ending on 30 September. Following this momentum, it revealed that the new Paddy Power Betfair website is expected to be rolled out by early next year.
In Australia, the betting company saw a 29% rise in revenue for the third quarter, driven by a 33% increase in stakes.
Presetting the results, Group CEO Breon Corcoran said Q3 was “an encouraging quarter”.
“Our international businesses performed particularly well. In Australia, the winning combination of innovative product and marketing excellence continued to deliver exceptional results, with revenue up 29%, while US revenue was up 18%.
“Paddy Power Retail also continues to outperform the market through its sports-led proposition and is well positioned to respond to regulatory changes,” he concluded.
This financial update is the first one covering the period since the announcement of Corcoran’s planned departure as Chief Executive. Corcoran, who has held the role of CEO since the £7bn merger of Paddy Power and Betfair, is being replaced on 8 January by Peter Jackson, a current Non-Executive Director at the bookmaker.
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