Paddy Power Plc (LON:PAP) Rating Reiterated by Numis Securities Ltd

Paddy Power Betfair’s CEO Breon Corcoran

Paddy Power Betfair’s CEO Breon Corcoran

The group is set to announce its half-year results on August 8.

In the FTSE 250, Pets at Home shares jumped 8.5% after it reported a 5% rise in first-quarter revenues, helped by strong demand for its veterinary and pet grooming services.

Corcoran said the company was investing to improve its position in a "highly competitive market", spending more on promotional offers and slashing odds for customers.

EBITDA climbed 21% to £220mln from £181mln, with the EBITDA margin up three percentage points to 27%.

He said: "I am excited about the prospect of joining the Paddy Power Betfair executive team".

The interim dividend was bumped up 25% to 65p from 52p. He has been in the role for around 18 months, since the £7bn merger of Paddy Power and Betfair was completed past year.

United Kingdom bookmaker Paddy Power Betfair early Monday announced the unexpected exit of its Chief Executive Officer Breon Corcoran after unconfirmed reports this weekend that the Dublin-based online and retail sportsbetting gaming operator was in the market for a successor. Paddy Power Betfair PLC (PDYPY)'s Williams %R presently stands at -42.35.

"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", he added. He has been an independent non-executive director at Paddy Power Betfair since 2016 and prior to the merger held the same role at Betfair from 2013.

It saw good growth in the half year in its Australian and online markets.

The broker thinks the shares are worth ten quid. Moving averages are considered to be lagging indicators that simply take the average price of a stock over a certain period of time. Jackson has reportedly worked for HBOS, Lloyds Bank and Santander and between 2010 and 2015 served as the head of foreign exchange company Travelex. It said trading is in line with expectations. They set a neutral rating and a GBX 8,420 ($111.07) target price on the stock. Whilst we expect online gaming growth to improve, competition remains high and we continue to be mindful of external regulatory headwinds facing the business, particularly further online taxes in the United Kingdom and Australia.

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