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Revenue up at Paddy Power Betfair as CEO Corcoran departs

PaddyPowerBetfair
Merged betting giant Paddy Power Betfair has announced a 9% rise in revenues and the departure of CEO Breon Corcoran.

Corcoran was instrumental in the merger of the two former rivals, and will be replaced by Worldpay CEO Peter Jackson. “Breon has been talking with me and the Board about his long-term plans and accordingly, some months ago, we intensified our focus on executive succession planning to ensure an orderly transition,” explained chairman Gary McGann.

“While we will be sorry to see Breon leave, we are delighted to have appointed a candidate of Peter’s calibre to succeed him. The board’s unanimous selection of Peter follows a thorough global search for an individual with the skills and expertise to match the ambition of the group. The combination of his executive expertise together with his understanding of the Paddy Power Betfair business as a non-executive director uniquely positions Peter to assume the role of CEO and lead the group in its next stage of development.”

The group has also announced its H1 2017 results, headlined by a 9% growth in revenues to £827m and underlyling EBITDA up by 21% to £220m.

“We continue to make substantial investments to position Paddy Power Betfair as a structural winner in a dynamic and highly competitive market,” said Corcoran.

“The focus of this investment is to use technology to improve efficiency and minimise the cost of servicing our customers and to further enhance our customer proposition. The integration of our technology platforms is on track for completion by the end of the year and will bring significant benefits including increased quantity and pace of new product development in 2018 and beyond.

“Ahead of that, our customers and shareholders are already seeing benefits from efficiencies and investments. In the first half alone, customers enjoyed approximately £30m of extra value through better odds, more generous offers and new loyalty benefits. Operating efficiency and the annualisation of merger-related cost savings resulted in strong operating leverage in the period, with operating profit up 22%.”

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