Results round-up

Paddy Power Betfair posted a trading update for the three months to 30 September on Friday, with revenue up 25% to £404m, or up 15% in constant currencies.

The FTSE 100 bookmaker said that growth was driven by sports, including a strong conclusion to the Euro 2016 tournament, with sportsbook stakes up 26%, or 14% at constant currency.

Underlying EBITDA rose 53% to £113m and underlying operating profit was up 68% to £95m, with the company’s underlying EBITDA margin increasing from 23% to 28%.

Looking ahead, Paddy Power’s board said the third quarter trading and accelerated synergy delivery would result in higher full year profit guidance, with underlying EBITDA now expected to be between £390m and £405m.

“This was another good quarter for Paddy Power Betfair,” said chief executive Breon Corcoran.

We are continuing to focus on building a stronger combined operation by exploiting the unique assets and capabilities of each legacy business, and on using our scale to better serve our customers.