Paddy Power to show 9.9% profit rise

Paddy Power has said it expects to report a full-year operating profit of around €180 million for 2015 when it publishes its full-year figures in early March.

That outcome would be in line with the betting services giant’s previous guidance for a mid-to-high digit percentage increase; as it would be around 9.9% up on the €163.8m profit generated in 2014.

The 2015 results will also be the last before Paddy Power expands in size via its merger with UK online gaming firm Betfair.

The merger — which will result in the enlarged Paddy Power-Betfair entity— is due to complete February 2.

Paddy Power will issue its final set of annual results as a singular company on March 8.

In a trading update, released yesterday, it said its full-year regular dividend will amount to €1.80 per share.

All planned dividends — shareholders are also in line for a combined merger-related special dividend windfall of €80m — will be paid on March 2.

Yesterday’s trading update also suggested Paddy Power’s 2015 figures would show fully diluted earnings per share of around €3.33, excluding merger costs.

After December’s EGM, which saw shareholders approve the merger with Betfair, Paddy Power’s management said decisions on potential redundancy levels arising from synergies from the deal would not be decided until the transaction was formally completed this quarter.

The company’s share price hit a record high, yesterday, rising by over 1.1% to around €131.5.