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Paddy Power Betfair Revenues Soar But Merger Costs Hurt Bottom Line

Paddy energy Betfair on Monday reported revenues were up by 89 percent during its first year as a merged company, despite costs related to the merger that ultimately dragged straight down its important thing.
Paddy Power Betfair chief Breon Corcoran is bullish about the company’s prospects. The integration for the two betting giants was running ahead of schedule, he said.
While revenues soared to £1.5 billion ($1.83 billion) in 2016, these figures had been tempered by one-off merger-related payments of £116 million ($141 million), which weighed heavily on its running profits.
These were down to £15 million ($18 million) from £125 million ($152 million) a year early in the day.
Since Paddy Power and Betfair only finalized their £7 billion ($8.5 billion) merger in February 2016, of course, relative figures for 2015 have been calculated as though they were merged entities for the reason that 12 months.
Online Betting Monster
Paddy Power and Betfair created one of the greatest, or even the biggest, online gambling powerhouses within the globe if they agreed terms to join forces in September 2015.
And Breon Corcoran, leader of the enlarged business, stated Monday that the implementation of the merger, and the integration of the two companies, ended up being ahead of routine.
‘2016 had been a transformational year for Paddy energy Betfair with much of the integration of this organi (more…)