Paddy Power-Betfair on course for ‘strong’ growth this year

Newly merged betting services giant Paddy Power-Betfair is expected to increase revenues by 16% this year, with growth of 10% and 8% anticipated in each of the following two years.

“We believe that the profit margin progress made at Betfair and Paddy Power over the last two years suggests that there is good potential for the merged group to deliver earnings upgrades into the future,” Davy Stockbrokers’ leisure sector analysts David Jennings and Robert Stokes said in a detailed report.

Davy has also upped its 12-month share price target for the company from €129 to nearly €137.