The newly formed entity Paddy Power Betfair has announced the 2015 full year financial results for Paddy Power, noting a revenue increase of 24%.
Key financial indicators for the year ending December 31st, 2015 were:
- Full year revenues of €1.1 billion, up 24% from the same period last year.
- Retail revenues up 23% and retail revenues up 15%.
- Operating profit up 10% to €180 million after taxes, or 50% before taxes.
- €66 million in new taxes and fees.
- Diluted earnings per share of 332.8 cents, up 12% from last year
Betfair produced £138 million in the last quarter of the year, up 21%, due to a 51% jump in sportsbetting bets.
Commenting on the results Paddy Power Betfair CEO Breon Corcoran said, “We were very pleased to complete the merger of Paddy Power and Betfair, creating one of the world’s largest online betting and gaming companies with enlarged scale, enhanced capability and distinctive complementary brands.”
“These results show that both businesses entered this merger on the back of strong trading momentum. Our belief in the strategic rationale for the deal has only been strengthened following our early days as a combined operator.”
“The combination of two industry leading operators, with aligned strategies and a strong cultural fit, is hugely exciting and the enhanced efficiency from operating at greater scale means we are well positioned to compete in both existing and new markets. The integration of the two businesses is progressing well and we look forward to capitalising on the opportunity we have to drive future profitable growth.”