Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Irish Stock Exchange  >  Paddy Power Betfair PLC    PAP   IE00BWT6H894

PADDY POWER BETFAIR PLC (PAP)
Mes dernières consult.
Most popular
Report
SummaryChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Paddy Power Betfair says CEO Corcoran to step down

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/07/2017 | 10:03am CET

Gambling firm Paddy Power Betfair's (>> Paddy Power Betfair PLC) chief executive Breon Corcoran announced plans to step down on Monday, 18 months since completing the merger of Irish bookmaker Paddy Power with British online betting exchange operator Betfair.

Gambling firm Paddy Power Betfair's (>> Paddy Power Betfair PLC) chief executive Breon Corcoran announced plans to step down on Monday, 18 months since completing the merger of Irish bookmaker Paddy Power with British online betting exchange operator Betfair.

The company's share price was down 7.4 percent at 73.39 pounds in London trading by 0750 GMT, extending losses since the start of the year to 16 percent.

Corcoran will be replaced by Peter Jackson a non-executive director at Paddy Power Betfair and CEO of the UK arm of global payments business WorldPay Group (>> Worldpay Group) since March, the company said in a statement.

Worldpay Group is currently negotiating its own sale to U.S. peer Vantiv (>> Vantiv Inc).

Shares in Paddy Power Betfair were down 7.4 percent at 73.39 pounds in London trading by 0750 GMT, extending losses since the start of the year to 16 percent.

The company gave no date for Corcoran's departure, saying only that he would "complete the integration of the Paddy Power and Betfair businesses and ensure the delivery of an orderly transition."

Paddy Power also reported details of its financial results for the first six months of the year a day early, reporting revenue growth of 9 percent and underlying EBITDA growth of 21 percent and said trading was in line with expectations.

It said it expected underlying earnings before interest, tax, depreciation and amortisation expenses (EBITDA) this year of between 445 million pounds and 465 million pounds ($580-607 million).

The average forecast of six analysts polled by Reuters in recent weeks was 459 million euros.

"The timing is certainly less than ideal given the particularly noisy regulatory backdrop at present and the fact that the group is yet to complete its major platform migration project," said Davy Stockbrokers analyst David Jennings.

"That said, the fact that the board is in a position to announce Peter Jackson as CEO designate should provide some comfort."

Corcoran has been CEO of the group since the completion of the merger in February 2016, having served as CEO of Betfair Group since 2012. Before that he was chief operating officer at Paddy Power, where he had worked since 2001.

Jackson was CEO of Travelex Group from 2010 until its sale in 2015 and was in charge of innovation at Banco Santander before his appointment as CEO of WorldPay's UK arm.

Paddy Power Betfair Chairman Gary McGann said the company "intensified (its) focus on executive succession planning" a few months ago after Corcoran spoke to the board about his long term plans.

(Reporting by Rahul B in Bengaluru and Conor Humphries in Dublin; Editing by Greg Mahlich)

By Conor Humphries

Stocks treated in this article : Paddy Power Betfair PLC, Vantiv Inc, Worldpay Group
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on PADDY POWER BETFAIR PLC
01/22 UK stocks decline as gamblers stumble on government clampdown worries
01/22 British bookmaker shares plunge on report of looming low stake limit
01/11 PADDY POWER BETFAIR : New roles at group
01/10 PADDY POWER BETFAIR : announce new chief executives in Europe and Australia
01/10 PADDY POWER BETFAIR : Management appointments
2017 British gambling firm GVC seals Ladbrokes takeover
2017 PADDY POWER BETFAIR : Directors' change of responsibilities
2017 Australia competition watchdog drops opposition to Tabcorp's $4.7 billion Tat..
2017 Australia's CrownBet won't oppose Tabcorp's Tatts takeover
2017 Exclusive - Paddy Power Betfair, William Hill hold deal talks with CrownBet
More news
News from SeekingAlpha
2017 Sports betting case the talk at the Supreme Court
2017 Paddy Power Betfair also circling CrownBet
2017 Paddy Power Betfair's (PDYPF) Management on Q3 2017 Results - Earnings Call T..
2017 Paddy Power Betfair PLC reports Q3 results
2017 Paddy Power Betfair (PDYPY) Investor Presentation - Slideshow
Financials (€)
Chart PADDY POWER BETFAIR PLC
Duration : Period :
Paddy Power Betfair PLC Technical Analysis Chart | PAP | IE00BWT6H894 | 4-Traders
Income Statement Evolution
Consensus
 
Mean consensus
Number of Analysts
Average target price -
Spread / Average Target
EPS Revisions
Managers
NameTitle
Jeremy Peter Jackson Chief Executive Officer & Director
Gary W. McGann Non-Executive Chairman
Alexander Gersh Chief Financial Officer & Executive Director
Ian Dyson Senior Independent Non-Executive Director
Zillah Ellen Byng-Thorne Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
PADDY POWER BETFAIR PLC-4.83%0
SANDS CHINA LTD.20.55%47 512
GALAXY ENTERTAINMENT GROUP LIMITED7.69%35 217
WYNN MACAU LTD14.17%17 785
ARISTOCRAT LEISURE LIMITED-0.84%11 993
MGM CHINA HOLDINGS LTD6.52%11 815