Paddy Power publishes pre-merger trading update

Ahead of its merger with Betfair on February 2 (see previous reports) Paddy Power has announced that trading in the last seven weeks of 2015, post the release of its Interim Management Statement on 17 November 2015, was good.

Accordingly the Board expects to report operating profit before exceptional items, for the year ended 31 December 2015 of approximately Euro 180 million. This would result in fully diluted earnings per share of approximately Euro 3.33, before costs relating to the merger.

The company also announced a final dividend for 2015 of Euro 1.20 per share, taking the full year regular dividend for 2015 to Euro 1.80 per share.

The record date for the Paddy Power 2015 Dividend is 6.00 p.m. on 1 February 2016, and it will be paid alongside the Special Dividend of approximately Euro 1.80 per share and the Paddy Power Closing Dividend, representing the period from 1 January 2016 to 1 February 2016 (inclusive), of Euro 0.18 per share.

The payment date for the three dividends is 2 March 2016.

It is expected that preliminary results for the year ended 31 December 2015 will be released on 8 March 2016.

In related news, Betfair has announced that shareholders will receive a closing dividend of 24.3 pence per Betfair share.