Paddy Power Betfair  posts H1-2018 numbers

Paddy Power Betfair plc released its H1-2018 figures Wednesday, noting that it has revised downward its EBITDA forecast to between GBP460 and GBP480 million as a result of the additional burden of new Australian taxes and acquisition costs for FanDuel.

The numbers were generally positive, highlighting:

* Revenue up 7 percent at GBP 867 million;

* EBITDA at GBP 217 million;

* Q2 sales up 13 percent, thanks to the FIFA World Cup and growth in the US and Australian markets;

* The company has declared a dividend of 67p per share, up from 65p a share a year ago;

* Profit before tax up by 4 percent at GBP106 million.

CEO Peter Jackson reported that the group has made substantial progress against Management’s strategic priorities and trading in Q2 was good, with all brands and operating divisions contributing to the Group’s double-digit revenue growth.

“Our FanDuel sportsbook is now available in New Jersey and with our recent partnership with Boyd Gaming we’re looking forward to launching in further states as the legislation progresses,” Jackson said.

“In Europe, product enhancements and improved cross sell rates have led to stronger gaming revenue growth over the past few months for both brands, whilst customer satisfaction with the Paddy Power sports app has stepped up.

“Recent marketing campaigns have also been successful with the Betfair brand increasingly identified as having the best odds. The World Cup was a showcase event for Paddy Power, with a series of successfully executed marketing campaigns leading to it being one of the UK’s most talked about brands in social media conversations around the tournament.”

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