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Paddy Power Betfair takes a whipping at Cheltenham

Published: 09:35 04 May 2016 BST

Bookomaker, horse racing, Betfair, Paddy Power
Too many favourites romped home at Cheltenham

Bookmaker and online betting exchange platform operator Paddy Power Betfair plc (LON:PPB) said all four of its brands traded well in the first quarter.

The company, which owns the Sportsbet and TVG as well as the eponymous Paddy Power Betfair brands, said underlying earnings (EBITDA) were up 27% to £59mln on a pro forma basis from a year earlier.

The figures have been expressed pro forma to account for the takeover of Betfair by Paddy Power.

Revenue rose 16% from a year earlier to £339mln, with Aussie revenues up 25% year-on-year to £58mln and US revenues up 20% to £20mln. Back in the UK, the results at the Cheltenham Festival were not helpful to the company, with punters' net winnings totalling more than £20mln.

Breon Corcoran, chief executive, said the post-merger integration of Paddy Power and Betfair is on track, with the group looking to bring the best of each business to the combined group.

“Our marketing, technology and operations performed well throughout the key spring racing period and we are now focused on preparations for Euro 2016,” Corcoran said.

Shares in Paddy Power Betfair stumbled 170p to £90 in early trading.

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