LONDON (Alliance News) - Paddy Power PLC on Tuesday said trading has been in line with its expectations so far in the second half of 2015, with an increase in net revenue despite a tough comparative period which included the 2014 football World Cup.
The Irish bookmaker said that while sports results in the second half of the year so far from July 1 to November 15 were unfavourable across the sector, this was offset by strong underlying growth. Accordingly, it continues to expect full-year operating profit to be a mid to high single-digit percentage increase above that reported in 2014.
Top-line growth was strong, Paddy Power said, notwithstanding the comparative period benefiting from both very favourable sports results and the concluding stages of the Football World Cup.
In online, sports betting stakes were up 23% and total net revenue grew 7% in the period. In retail, sports betting stakes rose 12% and total net revenue rose 7%. Weakness in the UK and Ireland resulting from the strong comparative period were offset by a strong performance in Australia, Paddy Power said.
Paddy Power added that further updates regarding the recommended merger between the company and Betfair Group PLC will be announced when they become known.
Shares in Paddy Power were trading up 1.2% at EUR114.10 Tuesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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