Paddy Power wants name change; Aggreko steady
PaddyPower acquired FanDuel to help expand in the US (pic: PaddyPower)
Betting group PaddyPower Betfair reported an 11% fall in pre-tax profits to £219m and said it wants to change its name to Flutter Entertainment.
Annual revenues rose by 7% in 2018 to £1.87 billion in a year when the firm expanded in the US with the purchase of Edinburgh-founded fantasy sports company FanDuel.
Betfair chief executive Peter Jackson said: “The opening of the US online sports betting market has the potential to be the most significant development to occur within the sector since the advent of online betting,”
The firm said changes to fixed odds betting terminals, which will see a new £2 stake limit from April, “will not have a material impact” on its retail strategy.
Temporary power provider Aggreko reported profit before tax of £182 million, which was 4% lower but 10% higher on an underlying basis and in line with market expectations despite currency headwinds.
The company has proposed a full year dividend of 27.1 pence.
Chris Weston, chief executive, said: “We are pleased to report results which continue the positive momentum demonstrated at the interims. We have delivered results in line with market expectations and ahead of our guidance at the start of the year, with 10% growth in the Group’s underlying profits.
“The overall result was supported by a strong performance in Rental Solutions, which represents 52% of the Group’s revenue.
“With the wide-ranging initiatives we are implementing to improve our operational and capital efficiency, we are confident we can meet our mid-teens ROCE target in 2020.”