SBC News Paddy Power targets €180 million profits for 2015 performance

Paddy Power targets €180 million profits for 2015 performance

Paddypower

Ahead of its planned merger with Betfair, Paddy Power Plc governance released its corporate interim statement detailing that it expects to post an operating profit of  circa €180 million (£136 million) for its full year 2015 performance.

Reporting on its H2 2015 performance (period of 1 July – 15 November 2015), Paddy Power governance stated that company performance had been in-line with expectations, despite recording unfavourable sporting results, which affected all sector competitors.

Paddy Power governance were pleased with H2 2015 overall performance, noting that trading was set against a tough 2014 H2 comparative period which saw high wagering activity driven by the FIFA 2014 World Cup.

The operators would record improved H2 2015 metrics for both its digital and retail betting divisions (see chart below).

The publishing of its 2015 Interim statement, saw the operator announce an expected final dividend for 2015 of €1.20 per share, bringing the full year regular dividend for last year up to €1.80 per share.

Updating the market on its merger with Betfair, Paddy Power governance informed that all relevant filings had been submitted to regulating authorities. The operator is set to publish new documentation on the merger in the coming weeks, but expects to complete the deal by its February target date.

Paddy Power will disclose its full year 2015 performance in Q1 2015 – date yet to be announced

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