Paddy Power Betfair CEO to step down; says H1 EBITDA up 21%

Betting group Paddy Power Betfair said interim revenue growth would be up 9% and underlying EBITDA up 21% when it reports on Tuesday, as it revealed the departure of chief executive Breon Corcoran as CEO after 16 years in the job.

It will also confirm that trading is in line with expectations and provide guidance for full year 2017 underlying EBITDA, including the impact of the acquisition of DRAFT, of between £445m and £465m.

Corcoran will be replaced by WorldPay chief executive Peter Jackson, who leaves his job after only four months in the job.