Paddy Power ups earnings outlook

Shares in Paddy Power-Betfair jumped more than 4% to breach the €100 mark, yesterday, after the betting services group reported on a strong third quarter and upped its earnings estimates for the full year.

The enlarged business — the subject of a €8bn merger earlier this year — yesterday reported a 25% year-on-year improvement in combined revenues to €404m for the three months to the end of September.

This performance was driven by positive sporting results — the outcome of Euro 2016 brought in around €18m in revenue, alone — and the translation of non-UK revenues due to the weakness of sterling, which benefited the business by around €31m.