Taking on his last investor conference call as Paddy Power Betfair CEO, outgoing leader Breon Corcoran details that PPB’s executive team has achieved its enterprise year 2 ambition of securing ‘structural advantages’ within the firm’s enlarged operations.
Closing a solid Q3 performance, in which PPB governance ups its 2017 year-end guidance to an EBITDA range of £450-465 million. Corcoran details that PPBs enlarged structure is beginning to function as a fine-tuned machine.
Particularly pleasing to Corcoran has been the accelerated growth of its Sportsbet Australia division which grew 29% during the period. Sportsbet Australia is reported to have outranked legacy Australian betting operator Tabcorp in online wagering turnover for the first time.
Corcoran would label Sportsbet Australia, as the group’s ‘shining star’ for its international ambitions, which further focus on regulated European markets and US expansion projects.
Closer to home PPB is on track to deliver its integrated group technology platform, led by Betfair development. The system is currently being tested on select Paddy Power customers, with PPB governance targeting a January 2018 rollout.
Speaking to analysts Corcoran emphasises the ‘combined structural advantages’, that have been developed and embraced by PPB executives in order for the company to ‘enable future growth and overcome potential regulatory adversities’.
Seeking to develop further assets beyond Paddy Power and Betfair, Corcoran states that combined group dynamics and efficiencies will aid PPB operations, international projects and group marketing.
Questioned by analysts on PPB’s reaction to the UK government’s delayed decision on FOBTs wagering levels, Corcoran simply states that his views are in the ‘public domain’. As a betting industry leader, he was disappointed that the government did not deliver on long-term clarity and certainty for the industry on the divisive matter.
Closing the Q3 conference call, Corcoran wished income Group CEO Peter Jackson and all Paddy Power Betfair executives good luck, stating that he was fan of the company and that he would be ‘cheering from the sidelines’.
