In its first quarter of the merged group being in operation, Paddy Power Betfair has announced a 36% increase in year on year operating profit.Operating profit in the quarter ending March 31st was £42.5 million for the newly merged Paddy power Betfair, which commenced operation in. The change from first year has been worked out by results being reported on a pro forma basis, like Paddy Power Betfair has always been in operation.
Other increases
Overall net revenue for Paddy Power Betfair was up 16%, standing at £339 million, and online net revenue saw a slightly bigger percentage increase, 17%, up to £195 million.There was also a 16% increase in sports net revenue, up to £254 million, while EBITDA rose by 27%, and now stands at £59.1 million.The company said that sports revenues were affected by some adverse situations over the past few months, including the Cheltenham Festival, where the net winnings for customers was £20 million.
No separate results
Revenues will from now on be combined, so last year was the last chance to understand whether Paddy Power or Betfair was responsible for the lion’s share of the revenue generated. The only place this can still be done is the US market, where Betfair operates alone, and revenues were up 22& to £20 million.Paddy Power’s full year net revenue in 2015 was £1.09 billion, where net revenue for the group in the same period was £1.32 billion.