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Paddy Power Betfair profits up 22% on strong stakes growth

08 August 2017 07:36

Gambling company Paddy Power Betfair (PPB) grew its underlying operating profit by 22% to £180 million in the first half, with revenue up 9% to £827 million.

The company said the revenue increase was driven by good stakes growth and foreign exchange, partially offset by increased investment in pricing and promotions.

Strong first quarter growth was driven by more favourable Cheltenham results, with the second quarter affected by the absence of a major football tournament and adverse sports results.

Underlying EBITDA rose 21% to £220 million with the EBITDA margin up three percentage points to 27%.

Full year underlying EBITDA, including £15 million of losses in DRAFT, is expected to be between £445 million and £465 million.

Paddy Power Betfair has lifted its dividend by 25% to 65p per share.

Breon Corcoran, chief executive, said the integration of the company's technology platforms is on track for completion by the end of the year.

He said this will bring significant benefits, including increased quantity and pace of new product development in 2018 and beyond.

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