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BRIEF-Paddy Power Betfair FY EBITDA £475M; to remame as 'Flutter Entertainment'

Published 06/03/2019, 06:11 pm
Updated 06/03/2019, 06:20 pm
© Reuters.  BRIEF-Paddy Power Betfair FY EBITDA £475M; to remame as 'Flutter Entertainment'
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March 6 (Reuters) - Paddy Power Betfair PLC PPB.I :

* REVENUE +9% TO £1.9BN (+6% ON A PROFORMA BASIS)

* ONLINE REVENUE +5% - AUSTRALIA +6% - USA +18% ON A PROFORMA BASIS

* UNDERLYING EBITDA OF £475M PRE-US SPORTS BETTING INVESTMENT OF £24M

* UNDERLYING EBITDA TOWARDS UPPER END OF PREVIOUS GUIDANCE RANGE (£465M TO £480M); +5% YEAR-ON-YEAR ON PROFORMA BASIS

* £584M RETURNED TO SHAREHOLDERS VIA DIVIDENDS & SHARE BUYBACKS DURING 2018

* PROPOSED FULL YEAR DIVIDEND OF 200P, EQUATING TO A PAY-OUT RATIO OF 53% (2017: 50%)

* 2019 HAS STARTED IN LINE WITH OUR EXPECTATIONS, WITH GOOD MOMENTUM ACROSS OUR KEY DIVISIONS

* .OUR CURRENT EXPECTATION IS THAT THE NEW JERSEY SPORTSBOOK WILL GENERATE A POSITIVE CONTRIBUTION 18 TO 30 MONTHS POST-LAUNCH

* WILL BE SEEKING SHAREHOLDER APPROVAL AT OUR AGM IN MAY TO RENAME THE GROUP AS FLUTTER ENTERTAINMENT PLC.

* NEW CORPORATE NAME AIMS TO BETTER REFLECTS THE INCREASING DIVERSITY OF THE GROUP, WHICH CURRENTLY CONSIST OF SIX CONSUMER-FACING BRANDS (PADDY POWER, BETFAIR, SPORTSBET, FANDUEL, TVG, ADJARABET)

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