Paddy Power sees 2015 operating profit up at €180m

Paddy Power said on Wednesday it expects to report a rise in full year operating profit before exceptional items as it announced a good end to last year.

The bookmaker, which is currently in the process of merging with Betfair, expects operating profit for the year ended 31 December 2015 of around €180m (£137m), up from €163.8m the previous year.

Peel Hunt had been expecting operating profit of €177.2m.

In addition, the company announced a final dividend for 2015 of €1.20 per share, bringing the full year dividend to €1.80.

In its brief trading update, Paddy Power also said the merger with Betfair is expected to occur on 2 February.

The companies announced in September that they had agreed on a £5bn all-share merger that would create one of the world’s largest public online betting and gaming companies by revenue.

The merged entity will be called Paddy Power Betfair and Paddy Power shareholders will own 52% of the group, while Betfair shareholders will own the rest.

The company will be headquartered in Dublin and will have a premium listing on the London Stock Exchange and a secondary listing on the Irish Stock Exchange.

At 1145 GMT, Paddy shares were up 0.2% to 131.88p.