Paddy Power Betfair (LON:PPB) has updated investors on its third-quarter performance this morning.
Highlights from the company statement:
· Revenue up 25% to £404m (up 15% in constant currency, "cc"2)
· Growth driven by sports, including a strong conclusion to the Euro 2016 tournament, with sportsbook stakes up 26% (cc +14%)
· Underlying EBITDA up 53% to £113m and underlying operating profit up 68% to £95m
· Underlying EBITDA margin increased from 23% to 28%
· Q3 trading and accelerated synergy delivery results in higher full year profit guidance: underlying EBITDA now expected to be between £390m and £405m
Breon Corcoran, Chief Executive, commented:
"This was another good quarter for Paddy Power Betfair. We are continuing to focus onbuilding a stronger
combined operation by exploiting the unique assets and capabilities of each legacy business, and on using our scale to better serve our customers.
Work is underway to combine the best of Betfair and Paddy Power's technology into a multi-brand, multi- channel, multi-jurisdictional platform that will start to unlock the full potential of the Group's scale and will lead to increased pace of development and faster roll out of new products."