{"id":38858,"date":"2016-08-25T14:00:44","date_gmt":"2016-08-25T21:00:44","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=38858"},"modified":"2016-08-25T12:53:37","modified_gmt":"2016-08-25T19:53:37","slug":"paddy-power-betfair-reports-47-5-million-h1-loss-due-costs-merger","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/paddy-power-betfair-reports-47-5-million-h1-loss-due-costs-merger\/","title":{"rendered":"Paddy Power Betfair Reports \u00a347.5 Million Loss Due to Costs of Merger"},"content":{"rendered":"
\"Breon
Breon Corcoran, Paddy Power Betfair CEO, said that the company would not rule out further consolidation if the right opportunity arose. (Image: Sunday Business Post)<\/figcaption><\/figure>\n

Paddy Power Betfair has reported operating losses of \u00a347.5 million ($62.6 million) for the first half of 2016 in comparison with profits of \u00a3106.5 million ($140.5) for the corresponding period of 2015.<\/p>\n

CEO Breon Corcoran this week attributed the losses to one-off costs related to the merger between the two betting powerhouses, amounting to \u00a3195 million ($257 million) in total. Paddy Power<\/a> and Betfair agreed terms of their \u00a35 billion ($6.5 billion) merger in September last year but the deal was only finalized on February 2, 2016.\u00a0 \u00a0<\/span><\/p>\n

Thus, short-term losses incurred during through integration, which included some \u00a329 million ($38.2) in advisory fees alone, are expected to be handsomely offset by cost saving synergies of the newly combined company further down the line.\u00a0 \u00a0<\/span><\/p>\n

In fact, Paddy Power Betfair<\/a> has upped its estimate of future cost saving from \u00a350 million ($65 million) per annum by 2018 to \u00a365 million ($85.7 million) per year from next year.<\/p>\n

Much of those savings have come from job losses, with 650 of the combined company\u2019s 7,200-strong workforce having found themselves surplus to requirements after the merger.<\/p>\n

Revenue Up 18 Percent<\/b><\/h2>\n

\u201cPeople have been really diligent, there\u2019s been an awful lot of hard work done, and promptly,\u201d said Corcoran of the integration effort. \u201cPaddy Power Betfair has sustained good momentum through a period of considerable change.\u201d<\/p>\n

Corcoran also pointed to an 18 percent rise in revenue for the period, to \u00a3759 million ($1 billion), as well as double-digit growth across all four of its core divisions. Discounting merger costs, would have reported underlying earnings of \u00a3181 million ($238 million), Corcoran said.<\/p>\n

\n

Online revenue was up 20 percent at \u00a3440 million ($580 million), while Paddy Power\u2019s land-based bookmaking shops recorded a 12 per cent rise in revenues to \u00a3147 million ($193 million). The company\u2019s US and Australian operations also reported growth.<\/strong><\/p>\n<\/blockquote>\n

More Consolidation Possible<\/b><\/h2>\n

\u201cThe restructuring is now largely complete and the merger synergies are being delivered ahead of schedule,\u201d said Corcoran. \u201cWe are creating a world class operation by exploiting the unique assets and capabilities of each legacy business, particularly in the key functions of technology, marketing and trading.<\/p>\n

\u201cWhile our industry remains highly competitive and is exposed to the prevailing economic and regulatory environments, our strong market positions, increased scale and enhanced capabilities position us well for sustainable, profitable growth.\u201d<\/p>\n

Corcoran also refused to rule out the possibility of more consolidation. If the right asset came up at the right price his company would be well positioned to acquire it, he said, but the moment he was focusing on the integration process.<\/p>\n","protected":false},"excerpt":{"rendered":"

Paddy Power Betfair has reported operating losses of \u00a347.5 million ($62.6 million) for the first half of 2016 in comparison with profits of \u00a3106.5 million ($140.5) for the corresponding period of 2015. CEO Breon Corcoran this week attributed the losses to one-off costs related to the merger between the two betting powerhouses, amounting to \u00a3195 […]<\/p>\n","protected":false},"author":42,"featured_media":38860,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,19],"tags":[],"acf":[],"yoast_head":"\nPaddy Power Betfair Reports \u00a347.5 million H1 Loss Due to Costs of Merger<\/title>\n<meta name=\"description\" content=\"Paddy Power Betfair\u2019s merger costs have dragged inn into to the red for the first half of 2016.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paddy Power Betfair Reports \u00a347.5 million H1 Loss Due to Costs of Merger\" \/>\n<meta property=\"og:description\" content=\"Paddy Power Betfair\u2019s merger costs have dragged inn into to the red for the first half of 2016.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/paddy-power-betfair-reports-47-5-million-h1-loss-due-costs-merger\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2016-08-25T21:00:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-08-25T19:53:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/08\/1457780916256_breoncorcoran-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"513\" \/>\n\t<meta property=\"og:image:height\" content=\"273\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/paddy-power-betfair-reports-47-5-million-h1-loss-due-costs-merger\/\",\"url\":\"https:\/\/www.casino.org\/news\/paddy-power-betfair-reports-47-5-million-h1-loss-due-costs-merger\/\",\"name\":\"Paddy Power Betfair Reports \u00a347.5 million H1 Loss Due to Costs of Merger\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/paddy-power-betfair-reports-47-5-million-h1-loss-due-costs-merger\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/paddy-power-betfair-reports-47-5-million-h1-loss-due-costs-merger\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/08\/1457780916256_breoncorcoran-1.jpg\",\"datePublished\":\"2016-08-25T21:00:44+00:00\",\"dateModified\":\"2016-08-25T19:53:37+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Paddy Power Betfair\u2019s merger costs have dragged inn into to the red for the first half of 2016.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/paddy-power-betfair-reports-47-5-million-h1-loss-due-costs-merger\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/paddy-power-betfair-reports-47-5-million-h1-loss-due-costs-merger\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/paddy-power-betfair-reports-47-5-million-h1-loss-due-costs-merger\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/08\/1457780916256_breoncorcoran-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/08\/1457780916256_breoncorcoran-1.jpg\",\"width\":513,\"height\":273,\"caption\":\"Breon Corcoran, Paddy Power Betfair CEO, said that the company would not rule out further consolidation if the right opportunity arose. 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