Paddy Power Betfair reveals widespread growth in Q1

Paddy Power Betfair has announced that it was able to post year-on-year growth across its four core brands during the three months to March 31, 2016.

Group revenue in the period amounted to £339 million (€429.2 million/$493.9 million), which represents an increase of 16% on the previous year.

Online revenue hiked 17% year-on-year to £195 million, thanks in part to a 23% jump in sportsbook stakes, while retail revenue also climbed 5% to £67 million.

The company also saw a 25% year-on-year increase in revenue in Australia, with this figure jumping to £58 million, while US revenue also expanded 22% to £20 million.

Meanwhile, earnings before interest, tax, depreciation and amortisation jumped 27% to £59 million, with operating profit also up 36% to £43 million.

Breon Corcoran, chief executive of the group, said: “All four of our brands − Paddy Power, Betfair, Sportsbet and TVG – continue to trade well in a highly competitive environment.

“This good start to the financial year is a credit to our colleagues, particularly at a time when we are bringing together two businesses.

“Our marketing, technology and operations performed well throughout the key spring racing period and we are now focused on preparations for Euro 2016.

“The post-merger integration is on-track; a strong leadership team is in place and restructuring of the business has commenced.

“We are working to bring the best of each business to the combined group and customers are starting to see some early benefits as we roll out product features across the brands.”

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