Paddy Power Betfair has announced its preliminary results for the year ended December 31, 2016, reporting an increase in revenue of 18 per cent to £1.5bn.
Underlying EBITDA is up 35 per cent to £400m, with EBITDA margin increasing to 26 per cent from 22 per cent. Underlying operating profit and earnings per share both increased 44 per cent to £330m and 331p, respectively. A final dividend of 113p per share resulted in total dividends for the year of 165p per share.
Breon Corcoran, chief executive, said: “2016 was a transformational year for Paddy Power Betfair with much of the integration of the businesses completed sooner and more efficiently than expected.
“The integration of our technology platforms is on track and customers are already seeing some benefits, including more markets and better odds.
“In keeping with our dual brand strategy, we are serving different parts of the market with distinct value propositions. For instance, at Cheltenham next week Paddy Power has a generous money-back offer for second place and Betfair will reward winners with a free bet offer and exceptional odds.
“We have created a business with considerable scale that is stronger and better able to compete than either of the individual legacy companies. The group is well positioned to deliver sustainable, profitable growth.”
