The Paddy Power Betfair merger shows great results
The US$11 billion gambling empire posted its first results after the tie-up and they are promising.
UK.- Paddy Power Betfair total net revenues for February reached an impressive €1.3bn (US$1.85bn) whilst operating profits amounted to €219.5m (US$311.96m.)
“There’s still an awful lot of work to do because these are two big, complicated businesses,” expressed chief executive Breon Corcoran. “There are early signs that are encouraging.”
The merger of the Irish bookmaker and the English betting exchange company is expected to spike its earnings next week at the Cheltenham Festival, the famous horseracing event.
Ivor Jones, an analyst at Numis, explained:“In the week before Cheltenham the last thing shareholders would have wanted to hear about were plans to rebuild the business,” Mr Jones added. Cheltenham is a major betting event for bookmakers and Mr Corcoran said “a good” festival for the company would be “all the websites staying up”, underlining the importance of online over the company’s 600 shops. We’ll just say a few prayers for the technology and see how it goes. A bad Cheltenham is still better than most good days in the office.”