Paddy Power Betfair grows after good third quarter
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FTSE 100 bookmaker Paddy Power Betfair (LON:PPB) reported revenues of £483 million during the three months ended 30th September, a 10% year-on-year improvement over last year driven by digital revenues and the US market. Following these results, the firm believes that full year EBITDA will be £465-480 million, a minor uptick from prior guidance.
Chief executive Peter Jackson commented: “Q3 was a good quarter for the Group. In Europe, the encouraging momentum that we saw in Q2 accelerated further, with online revenue up 15%. This momentum, which was evident in both Paddy Power and Betfair, is driven by enhancements in product and good execution in promotions and marketing.
“[…]Overall, we are pleased with the substantial progress we continue to make against our strategic priorities. Our continued investment in brands and customer proposition means that all our businesses will exit the year with enhanced competitive positioning. Together with our scale and strong balance sheet this means we are better positioned to face the significant regulatory and fiscal headwinds that apply next year and to capitalise on the long-term industry growth opportunity.”
Shares in Paddy Power Betfair rose by 1.81% to 7,035p (as of 12:15 GMT).
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