Paddy Power says momentum continuing despite adverse sports results

Dublin-based bookmaker Paddy Power, which is set to merge with Betfair to create one of the world’s largest betting and gaming companies, said trading in the period from 1 July to 15 November has been in line with its expectations following a very strong first half performance.

“Top-line growth for the group has been strong notwithstanding the comparative period benefitting from both very favourable sports results and the concluding stages of the football World Cup,” the company said.

It said that while sports results in the period were unfavourable across the sector, this was offset by strong underlying growth and the company expects full year operating profit to be a mid to high single digit percentage increase above 2014.

Total net revenue rose 9% in the period. In Online, sports betting stakes were up 23% while total net revenue rose 7%. In Retail, sports betting stakes grew by 12% and net revenue by 7%.

As of 15 November, the group had net debt of €96m (£67.4m).

Paddy Power said relevant findings have been submitted to regulators in relation to its merger with Betfair and further updates will be announced to the market as they become known.

At 1415 GMT, shares were up 1.1% to 113.97p.