Paddy Power Betfair records 18% growth

Paddy Power Betfair saw its revenue rise by 18% to £759m (€885m) during the six-month period to June, as its time as a combined entity gets off to a strong start.

Double-digit growth could be found in all four of its divisions – online, UK and Irish retail, the US and Australia. Its operations Down Under now deliver one-sixth of all group revenues.

In a period of strong sporting activity, including the European Championships, the value of sporting bets rose by 20%. Online revenue also saw a 20% jump, up to £440m for the period.

The betting company, which completed its £6bn merger on February 2nd, reported that its underlying operating profits jumped by just under 40% to £147.6m.

An operating loss of £47.5m was posted.

This, however, was due to a £195.1m charge which the group said was almost entirely as a result of the merger.