Paddy Power Betfair Financials Lower in First Quarter

Online and retail betting group Paddy Power Betfair has announced the release of their first quarter financial results, revealing that financials were down from the year prior.

Key financial indicators for the quarter ending March 31st, 2018 were:

• Revenues of £408 million, down 2% from the year prior
• EBITDA down 8% to £102 million, down from £111 million last year
• Operating profit down 12% to £80 million
• Margins down to 24.9%

Commenting on the results company CEO Peter Jackson said, "We have made good progress against our strategic priorities; in Europe, the successful completion of our platform integration has resulted in a meaningful improvement to the Paddy Power product.

"This has seen the brand's gaming revenue returning to growth from February and a significant uplift in Cash Out usage and in-running betting during the Cheltenham Festival.

"In Australia, Sportsbet continues to perform well and is targeting further market share growth, with additional investment planned to take advantage of any disruption arising from market consolidation and the introduction of increased taxes.

"In the USA, TVG and Betfaircasino.com have good momentum and we are continuing to make preparations for any positive regulatory changes.

"Notwithstanding lower profits in the first quarter, we expect full year underlying EBITDA of between £470m and £495m."

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