Paddy Power Betfair Hail Transformational Year

By Brian Cullingworth, Last updated Mar 10, 2017

Emphasise underlying results as significant merger costs stripped out

Paddy Power Betfair plc has released impressive preliminary results for the year ended December 31, 2016 delivering double-digit growth across all four operating divisions.
Key performance highlights include:
– An 18 percent increase in revenue to GBP 1,551 million.
– Removing the effects of the merger exceptional costs not associated with usual business activity, underlying EBITDA was up 35 percent to GBP 400 million with EBITDA margin increased to 26 percent from 22 percent.
– Underlying operating profit and EPS both increased 44 percent, to GBP 330 million and 331p per share, respectively.
– Revenue growth was boosted by a GBP 78 million currency exchange benefit regarding non-UK revenues vs. sterling.
– Separately disclosed items totaled GBP 318 million, which include the significant merger costs incurred during 2016.
– Final dividend of 113p per share results in total dividends for the year of 165p per share.
The company will focus on integrating the Group's technology platforms in 2017, unlocking even further potential after achieving significant cost synergies in 2016.
"2016 was a transformational year for Paddy Power Betfair with much of the integration of the businesses completed sooner and more efficiently than expected," Breon Corcoran, chief executive, reported.
"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".
Current trading is strong and in line with the Board's expectations, the group concluded.

Online Casino News Courtesy of Infopowa

Brian Cullingworth

Infopowa news was a staple of Casinomeister’s news from 2000 until 2019. Brian Cullingworth was the main writer, contributor, and was one of the most knowledgeable persons I have ever known involved in the online casino industry.

We first met in January 2001 at the ICE in London where I observed him going booth to booth interviewing online casino, software, and licensing jurisdiction representatives. Brian was also heavily involved with our forum as “Jetset“, he was involved as an informal consultant to eCOGRA, the OPA, and was a player advocate who assisted countless aggrieved players with his connections to industry folks. He also published “Casino Cautions” via Infopowa news for quite a number of years. These can be found in our news archives.

His passing in February 2019 was a dark day for us. He will be forever missed.

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