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PaddyPower-betfair Q1-2016

REVENUE AND PROFITS RISE AT PADDY POWER-BETFAIR
 
Merged companies report a successful first quarter in 2016.
 
In a trading update for Q1-2016 Wednesday Paddy Power-Betfair showcased a solid performance with both revenues and profit rising significantly.
 
The company noted that following the merger of its constituent parts in February this year, it is presenting its update on a "proforma" basis as if the two companies had been merged for the full quarter.
 
The comparative period is the three months ended 31 March 2015 ("Q1 2015"). All results are on an underlying basis and exclude exceptional items and amortisation of intangible assets relating to the merger.
 
Highlights of the update included:
 
* Revenue up 16 percent to GBP 339 million, with good performances across all divisions;
 
* Online revenue up 17 percent to GBP 195 million, with sportsbook stakes up 23 percent;
 
* Australia revenue up 25 percent to GBP 58 million, with sportsbook stakes up 31 percent;
 
* US revenue up 22 percent to GBP 20 million;
 
* Retail revenue up 5 percent to GBP 67 million, with sportsbook stakes up 9 percent.
 
* EBITDA up 27 percent to GBP 59 million;
 
* Operating profit up 36 percent to GBP 43 million;
 
* Sales and marketing spend increased by GBP 13 million or 22 percent, and new taxes and product fees increased costs by GBP 3 million, primarily relating to point of consumption tax in Ireland and increased machine gaming duty in the UK.
 
* As at 31 March 2016, the group had net debt of GBP 54 million, excluding customer balances.
 
* Management is confident that its target of delivering synergy cost savings of GBP 50 million per annum as a result of the merger will be achieved.
 
Group chief executive Breon Corcoran reported:

"All four of our brands − Paddy Power, Betfair, Sportsbet and TVG − continue to trade well in a highly competitive environment. This good start to the financial year is a credit to our colleagues, particularly at a time when we are bringing together two businesses. Our marketing, technology and operations performed well throughout the key spring racing period and we are now focused on preparations for Euro 2016.
 
"The post-merger integration is on-track. A strong leadership team is in place and restructuring of the business has commenced. We are working to bring the best of each business to the combined Group and customers are starting to see some early benefits as we roll out product features across the brands."
 
Drilling down into the detail, Sportsbook stakes increased by 21 percent to GBP 2.3 billion but revenues were impacted by adverse sports results, most notably this year at the Cheltenham Festival where, across the group, customers' net winnings totalled over GBP 20 million. Revenue from regulated markets represented 95 percent of total revenues in the period.
 
Sports revenue increased by 17 percent to GBP 135 million, driven by a 23 percent increase in sportsbook stakes and 5 percent growth in Exchange & B2B revenues.
 
Mobile continues to be the key driver of sportsbook growth and now represents 76 percent of revenues.
 
Online revenue increased by 17 percent to GBP 195 million, with revenue from regulated markets up 21 percent and unregulated revenues down by 14 percent, mostly due to the impact of the company exiting the Portuguese market.
 
Sports revenue increased by 17 percent to GBP 135 million, driven by a 23 percent increase in sportsbook stakes and 5 percent growth in Exchange & B2B revenues.
 
Mobile continues to be the key driver of sportsbook growth and now represents 76 percent of revenues.

Gaming revenue was up 17 percent to GBP 60 million driven by increased cross selling from sports and a strong performance in mobile revenues, which grew by 43 percent to contribute 56 percent of total gaming revenues.
 
In Australia, Sportsbet continued to grow strongly, with stakes up 31 percent to GBP 577 million, driven by 42 percent growth in active customers. Revenue, up 25 percent to GBP 58 million, was somewhat impacted by adverse sports results in the quarter. Telephone wagering continued to grow strongly.
 
In the United States, Betfair US revenue was up 22 percent to GBP 20 million with 19 percent growth at TVG supplemented by continued growth in the online casino in New Jersey. Betfair US has been awarded a licence to operate an exchange wagering platform for horseracing in New Jersey and will launch the product on 10 May. 
 
Retail revenue increased by 5 percent to GBP 67 million, with 3 percent sportsbook growth and 8 percent machine gaming growth, but  like-for-like revenue decreased by 1 percent due to adverse sports results, which offset sportsbook stakes growth of 2 percent and machine gaming growth of 3 percent. The total group betting shop count is currently 601.
 
Paddy Power's games development facility Cayetano has made a number of proprietary games and other products available to Betfair for retail, website and app use.



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