6 Oct 2015 05:53
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Don't have an account? Click here to register.Paddy Power interim profit jumps as online and retail revenues grow
Wed, 26th Aug 2015 07:48
(ShareCast News) - Paddy Power posted a 31% rise in interim pre-tax profit as revenue grew strongly across the company's online and retail divisions, as it announced an agreement in principle to the key terms of a possible merger with Betfair.Pre-tax profit for the six months ended 30 June came in at €80.5m from €61.6m in the first half of last year, while net revenue rose 25% to €527.8m.Operating profit was up 33% to €80m and the company lifted its interim dividend by 20% to 60 cents per share.Paddy Power said the strong performance was broad-based, although Australia was the standout with reported operating profit there up 78%.In the online division, revenue grew 34% to €345 million, with sportsbook up 42%and gaming up 14%, while operating profit for online rose 45% to €70m.Paddy Power said it expects full-year 2015 operating profit to be ahead of 2014 and the consensus market forecast.Chief executive Andy McCue said: "We have made substantial progress implementing the strategy we set out in March, with further payback to come from new mobile product releases, refreshed marketing campaigns and efficiency gains. We now expect full year 2015 reported operating profit to be a mid to high single digit percentage above 2014 and the consensus market forecast."Also on Wednesday, Paddy Power and Betfair said they have agreed in principle to the key terms of a possible merger that would create a combined group with revenues of over £1.1bn.
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1 Oct 2015 16:31
Glencore director backs company to the tune of nearly half a million pounds
(ShareCast News) - Glencore nearly bounced to pre-slump levels on Thursday, and director John Mack showed investors he's still backing the mining company. Shares in the FTSE 100-listed company dropped dramatically on Monday after Investec warned the stock holds little value for shareholders. But Jo
Read more8 Sep 2015 09:13
Betfair and Paddy Power agree on merger
(ShareCast News) - Betting companies Paddy Power and Betfair have reached an agreement on a £5bn all-share merger. 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, if both sets of shareholders a
Read more1 Sep 2015 14:30
Broker tips: Paddy Power, ASOS, Ocado
(ShareCast News) - HSBC upgraded Paddy Power to 'hold' from 'reduce' and lifted its price target to €96.5 from €71.5 following strong first-half results and the company's deal with Betfair. The bank said operating profit was 9% ahead of its estimate, driven by the online operations in Europe and Aus
Read more1 Sep 2015 13:09
HSBC lifts Paddy Power to 'hold' on strong interims
(ShareCast News) - HSBC upgraded Paddy Power to 'hold' from 'reduce' and lifted its price target to €96.5 from €71.5 following strong first-half results and the company's deal with Betfair. The bank said operating profit was 9% ahead of its estimate, driven by the online operations in Europe and Au
Read more27 Aug 2015 12:14
27 Aug 2015 11:58
Exane BNP bumps Betfair up to 'neutral' on merger news
(ShareCast News) - Exane BNP Paribas upgraded Betfair to 'neutral' from 'underperform' following the announcement on Wednesday that it has agreed in principle to the terms of a merger with Paddy Power. Exane said the new discounted cash flow-based valuation for Paddy Power points to €95 a share. Bas
Read more26 Aug 2015 08:48
BUZZ-British online betting co's: Dealt a bad hand on Betfair-Paddy Power deal
** Possible Betfair-Paddy Power 5 bln stg merger a bad bet for rivals ** Merger could create one of the world's largest online betting and gaming groups with estimated revenue of over 1.1 bln stg ** William Hill and Ladbrokes both down more than 5 pct; worst performers on the FTSE 250
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