Paddy Power full-year profits on track for ?180m
Operator describes trading in the final seven weeks of the year as "good" with 2015 operating profit to rise 10%
Paddy Power this morning said operating profit for 2015 was on track to reach ?180m, up almost 10% on the previous year.
In an update, Paddys said trading in the final seven weeks of the year had been “good” and the board expected to see operating profit rise from the ?163.8m recorded in 2014 to around ?180m.
This would result in fully diluted earnings per share of ?3.33 before costs related to its merger with Betfair, which is set to close on 2 February after the deal cleared its final regulatory hurdle last month.
The board also announced a final dividend for 2015 of ?1.20 per share, taking the full-year regular dividend to ?1.80 per share.
Once the deal closes, shares in the combined Paddy Power Betfair are expected to produce the greatest return in 2016, according to an eGR reader poll.
Asked to choose between four major listed operators, 50% of respondents backed the merged entity, showing confidence that the pair would continue their current form once the transaction completes.
Paddy Power’s share price was up 0.78% to ?132.60 at the time of writing.