The company’s 2016 results were released in the form of an earnings report on Tuesday, which was well received by investors.
Overall, Paddy Power Betfair reported revenue of £1.55 billion ($ 1.89 billion USD) for 2016. That a boost of 18 percent over what the two companies’ combined revenue amounted to in 2015.
When it came to actual profits, the company’s success was hampered a bit by the costs of the merger. What would have been around £125 million ($ 152 million USD) in profits was reduced to as little as £25 million ($ 30.45 USD) because of this factor.
Paddy Power Betfair CEO was, not surprisingly, optimistic about his company’s first year saying:
2016 was a transformational year for Paddy Power Betfair with much of the integration of the businesses completed sooner and more efficiently than expected.
As a global operation, Paddy Power Betfair had varying results across the globe. The company’s Australian operation, Sportsbet, saw a boost in revenue of 18 percent. In Italy, the company is shutting down Paddy Power’s old operation in favor of Betfair’s (pending regulatory approval).
Corcoran is very confident of the company’s ability to compete globally saying:
We have created a business with 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.
Based on his year one earnings report, he’s off to a very good start.
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