11 May 2016 15:05
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Don't have an account? Click here to register.Paddy Power Q1 revenues up despite 'unfavourable' sports results
Thu, 02nd May 2019 07:51
(Sharecast News) - First quarter revenues at bookmaker Paddy Power Betfair rose 17% despite a string of "unfavourable" racing and football results in the UK and Ireland.Total revenue rose to £478mln from £408m year on year, boosted by growth in Australia and the US.Online revenue fell 1% due to "customer friendly" sports results."Revenues were also adversely affected by the temporary suspension of UK horseracing fixtures in February (due to equine flu) which negated the benefit of soft comparatives from weather-related horseracing cancellations in the prior year," the company said in a trading update.Australian revenue climbed 20% year-on-year to £96m on the back of a 17% increase in stakes. Margins were 0.5 percentage points below expectations at 9.2%.In the US, revenue was up by 47%, with 12% growth in the non-sportsbook businesses supplemented by £18.4mln (US$24mln) of sports betting net revenue.UK retail revenue fell 2% to £77m, with 2% machine gaming growth offset by a 5% decrease in sports revenues.
More News
4 May 2016 08:41
Paddy Power Betfair stumbles on first quarter results
(ShareCast News) - First-quarter sales and profits at Paddy Power Betfair got off to a solid gallop as the newly merged bookmaker enjoyed good performances across all divisions, though retail struggled slightly. Revenue of £339m represented a 16% increase on the same period last year, had Betfair an
Read more26 Apr 2016 10:14
Paddy Power Betfair boosted by Morgan Stanley upgrade
(ShareCast News) - Paddy Power Betfair got a boost on Tuesday as Morgan Stanley lifted its stance on the shares to 'overweight' from 'equalweight', saying the stock's drop of over 20% in the last two months made for a compelling entry point. "We are not changing forecasts, but see upside risks given
Read more20 Apr 2016 14:30
Credit Suisse starts Paddy Power Betfair at 'underperform'
(ShareCast News) - Credit Suisse initiated coverage of Paddy Power Betfair at 'underperform' with a 8,650p price target, saying the merger benefits were being overplayed, with the cost synergies and scale failing to justify the share price. "We feel that cost synergies alone are a poor rationale for
Read more8 Apr 2016 14:03
SocGen highlights 11 stocks that could benefit from Euro 2016
(ShareCast News) - Ahead of the UEFA European Football Championship that kicks off in June, Societe Generale highlighted a selection of stocks that could benefit from the tournament. The matches, which will take place in France, are expected to attract more than 2.5m fans - around 1.5m foreign visit
Read more5 Apr 2016 12:27
Paddy Power Betfair to cut 650 back office jobs
(ShareCast News) - Newly merged bookmaker Paddy Power Betfair is planning to axe 650 back office jobs in the UK and Ireland. Having completed the merger in February and been left with a 7,500-strong workforce, the enlarged company is looking to make 350 cuts in England and 300 in Ireland to extract
Read more23 Mar 2016 08:40
23 Mar 2016 07:35