Paddy Power Betfair's revenues grow 18% in 20162017-03-07 16:06:34
It was the current CEO, Breon Corcoran, who called 2016 a ‘transformational year’ for the betting company. Paddy Power and Betfair completed a near €10 billion merger in February of 2016.
The merger has benefited the group in its first full year of earnings - revenues for the year to the end of December 2016 rose by 18% to £1.5 billion, while the company’s operating profits rose by 44% to £330m.
Corcoran said that it was a transformational year for the company, and they were ahead of schedule with the integration of the businesses.
'We have created a business with a considerable scale that is stronger and better able to compete than either of the individual legacy companies. The group is well positioned to deliver sustainable, profitable growth,' Mr Corcoran added.
Fears about the impact the Brexit vote would have on the business have been allayed, for now at least, with no visible consequences for the bookmaker so far.
With the one-off implementation cost of the merge now behind them, Paddy Power Betfair are predicting even further growth for 2017.