Paddy Power, Betfair post last separate results

Paddy Power Betfair released the last of its results as two separate companies on Tuesday, with both bookmakers reporting admirable growth.

The FTSE 250 company was formed by the merger of Paddy Power and Betfair, which was completed in February. As such, the results reflected Paddy Power's annual performance to 31 December 2015, and Betfair's third quarter results to 31 January.

At Paddy Power, revenue grew 24% to €1.09bn (£0.84bn), with double digit growth across all online and retail divisions. Operating profit rose 10% to €180m, or 50% before €66m in new taxes and product fees.

Paddy Power's diluted earnings per share were up 12% to 332.8 euro cents per share, with the full year dividend up 18% to 180 cents per share.

There was also an additional €8 per share cash return during 2015.

At Betfair, revenue rose 21% during the quarter to £138m, driven primarily by 51% growth in sportsbook stakes and improved football results.

Its revenue in regulated markets was up 31%, following a 27% increase in the number of active customers.

Betfair's EBITDA was up 10% to £26m, or 30% before £5m in new taxes.

"We were very pleased to complete the merger of Paddy Power and Betfair, creating one of the world's largest online betting and gaming companies with enlarged scale, enhanced capability and distinctive complementary brands," said chief executive of the combined company Breon Corcoran.

"These results show that both businesses entered this merger on the back of strong trading momentum," he added.

Corcoran said the company's belief in the strong rationale for the deal had been strengthened in the early days as a combined operator.

He said the merger of two industry leaders with aligned strategies and a strong cultural fit was hugely exciting, with the enhanced efficiency and scale meaning the firm was well-positioned to compete in new and existing markets.

"The integration of the two businesses is progressing well and we look forward to capitalising on the opportunity we have to drive future profitable growth," Corcoran concluded.