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“Results at Cheltenham 2017 favoured bookmakers and this contributed to good revenue growth. Combined with the annualization of merger-related cost savings and continued focus on operating efficiency, this resulted in a doubling of operating profits in the first quarter,” Breon Corcoran, chief executive, of Paddy Power Betfair said. “A key strategic focus for 2017 is the integration of our technology platforms. This project is on track and we expect both our European brands to be operating on a common platform by the end of the year, at which point customers will start to benefit from increased pace of new product delivery,” Corcoran said.
Paddy Power's start to 2017
2017-05-17 11:39:21It was announced during the week that Paddy Power have reported an operating profit of £91m (€107m) in the first quarter of 2017, which is an increase of 114% from the same period 12 months ago. Revenue also saw an increase of 23percent and was valued at just under 500 Million euro.
Some thoughts from the Paddy Power hierarchy
“Results at Cheltenham 2017 favoured bookmakers and this contributed to good revenue growth. Combined with the annualization of merger-related cost savings and continued focus on operating efficiency, this resulted in a doubling of operating profits in the first quarter,” Breon Corcoran, chief executive, of Paddy Power Betfair said. “A key strategic focus for 2017 is the integration of our technology platforms. This project is on track and we expect both our European brands to be operating on a common platform by the end of the year, at which point customers will start to benefit from increased pace of new product delivery,” Corcoran said.