Paddy Power Betfair sees half-yearly profits rise to £136.4m
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 £759 million and underlying profits jump to £136.4 million in the period. P rofits rose 40% to £105 million 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 £65 million 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.
"The restructuring is now largely complete and the merger synergies are being delivered ahead of schedule.
"While our industry remains highly competitive and is exposed to the prevailing economic and regulatory environments, our strong market positions, increased scale and enhanced capabilities position us well for sustainable, profitable growth."