LONDON: Paddy Power Betfair PLC (PPB.LN) Tuesday posted a rise in 2015 earnings as it benefited from growth across all its Online and Retail divisions and said it is well placed to drive future profitable growth.
For the year ended Dec. 31, Paddy Power–excluding the effect of merger–recorded pretax profit of 169.5 million euros ($186.5 million) up from EUR166.6 million and revenue rose 24% to EUR1.09 billion.
Paddy Power Betfair was formed by the merger of Irish betting firm Paddy Power PLC and U.K. online betting firm Betfair Group PLC, a move that was completed in February.
Proforma 2015 information for the combined group for the year ended Dec. 31 disclosed revenue of 1.32 billion pounds ($1.75 billion).
Betfair’s revenue in the third quarter ending Jan. 31 rose 21% to GBP138 million, driven primarily by 51% growth in sportsbook stakes and improved football results, the company said.
“These results show that both businesses entered this merger on the back of strong trading momentum,” said Breon Corcoran, chief executive of Paddy Power Betfair PLC.
“The integration of the two businesses is progressing well and we look forward to capitalizing on the opportunity we have to drive future profitable growth,” Mr. Corcoran added.
