SBC News Voice of the Sports Betting Industry
Issuing an interim management statement for the period 1 July to 15 November, Paddy Power stated that trading was in-line with corporate expectations.
Following a strong H1 2015 opening, the operator noted that sports results during the period were unfavourable, an impact seen throughout the betting industry.
Paddy Power maintained a 9% group net revenue increase, supported by a 23 % gain in online betting wagering. The period saw a 7% gain in online net revenues.
The operator further highlighted positive gains from its Australian online betting division, detailing a + 33% revenue increases.
For its retail operations, betting wagering grew 12%, while total division net revenues grew a reported 7%.
Paddy Power governance gave a short update regarding its planned merger with Betfair Plc. As reported the company detailed that it had begun regulatory filings with the UK CMA and Ireland’s Irish Competition & Consumer Protection Commission (ICPC)
As of 15 November the group had net debt of €96m (£67.4m), equivalent to half of its 2014 earnings before interest, tax, depreciation and amortisation.
Paddy Power 1 July to 15 November Overview
