4th May 2016 06:39
LONDON (Alliance News) - Paddy Power Betfair PLC on Wednesday said earnings, net revenue and total stakes all grew in the first quarter.
The bookmaker said total net revenue for the quarter to the end of March was GBP339.0 million, up 16% year-on-year from GBP293.0 million. Earnings before interest, taxation, depreciation and amortisation grew 27% to GBP59.1 million from GBP46.7 million.
Revenue was pushed higher by a 21% rise in sportsbook stakes in the quarter year-on-year, though the group did take a hit from adverse sports results. In line with rival bookies William Hill PLC and Ladbrokes PLC, Paddy Power Betfair said it had a particularly bad Cheltenham Festival.
Online revenue grew 17% year-on-year in the quarter, while sports revenue rose 17%.
"This good start to the financial year is a credit to our colleagues, particularly at a time when we are bringing together two businesses. Our marketing, technology and operations performed well throughout the key spring racing period and we are now focused on preparations for Euro 2016," said Breon Corcoran, chief executive of Paddy Power Betfair.
The group added the integration of the Paddy Power and Betfair businesses is on track.
By Sam Unsted; [email protected]; @SamUAtAlliance
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