Merger pays dividends for betting giant
Bookmaker Paddy Power Betfair has reported a jump in profits for the first half of the year as the firm begins to benefit from its restructure.
The company, born out of a merger between Paddy Power and Betfair, saw revenue rise 18% to £759m and underlying profits jump to £136.4m in the period. Profits rose 40% to £105m in the second quarter.
The firm said it performed well at events such as Cheltenham, the Grand National and Euro 2016.
Paddy Power Betfair added that sales across the US and Australia grew by 16% and 17% respectively during the period.
The group said it will bag a £65m boost from cost synergies related to the merger in 2017, a year earlier than expected.
However, the firm was also stung by costs relating to the merger, which resulted in a bottom-line loss for the six months to June 30.
Chief executive Breon Corcoran said: "Paddy Power Betfair has sustained good momentum through a period of considerable change."