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Paddy Power Betfair Q3 revenue rises by 9% to £440m

Paddy Power Betfair CEO Breon Corcoran said Q3 was 'an encouraging quarter'
Paddy Power Betfair CEO Breon Corcoran said Q3 was 'an encouraging quarter'

Third quarter revenue at betting group Paddy Power Betfair rose by 9% to £440m, when compared with the same period in 2016.

The company said sports revenue for the period was 11% higher, with underlying profit increasing by 5% to £101m.

It said sports results were "in line with our expectations" for the quarter.  

Online revenue in Q3 was down by 3% to £216m, but that compares with a much busier third quarter last year, which included the closing stages of Euro 2016.

Paddy Power Betfair shares had added 5.6% in Dublin trade this afternoon.

A new look for the Paddy Power website is currently being tested and is expected to be rolled out to customers by early next year.

In Australia, the company saw a 29% rise in revenue for the third quarter - driven by a 33% increase in stakes.

Paddy Power Betfair CEO Breon Corcoran said Q3 was "an encouraging quarter".

He added: "Our international businesses performed particularly well. In Australia, the winning combination of innovative product and marketing excellence continued to deliver exceptional results, with revenue up 29%, while US revenue was up 18%.

"Paddy Power Retail also continues to outperform the market through its sports-led proposition and is well positioned to respond to regulatory changes."

Mr Corcoran is stepping down as CEO on 8 January, when he will be replaced by Peter Jackson.