Paddy Power Betfair enjoyed a very strong third quarter trading performance across most of its sales channels and geographic markets - it was helped by punters betting on the European Championships.
The group’s revenues jumped by 25% to £404m in the three months to September, compared to the same period last year, though revenues benefited from a £28m boost from the translation of non-UK sales due to the weakness of sterling.
The company generated £16m in revenues in the closing stages of the European Championships in July, which fell into this reporting period, and that brought revenues from the tournament to £38m. Portugal lifted the cup as favourites France, Germany, and Spain fell short.
Higher revenues combined with the reduced cost benefits of the merger led to a 53% increase in underlying operating profits to £113m for the quarter and the company has increased its operating profits guidance for the full year to the £400m mark.
Breon Corcoran, Chief Executive, commented: "This was another good quarter for Paddy Power Betfair. We are continuing to focus on building a stronger combined operation by exploiting the unique assets and capabilities of each legacy business, and on using our scale to better serve our customers.
"Work is underway to combine the best of Betfair and Paddy Power’s technology into a multi-brand, multichannel, multi-jurisdictional platform that will start to unlock the full potential of the Group’s scale and will lead to increased pace of development and faster roll out of new products.
Earlier in this week the company told Newstalk that it faces a massive payout if Donald Trump pulls off a Brexit-style shock when the US votes next week.
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