Paddy Power Betfair has started new buyback programme
Paddy Power Betfair will repurchase £300m shares from investors
Paddy Power Betfair has initiated a new buyback programme, through which they will repurchase £300m of shares from investors.
The bookmaker first revealed the plans after publishing their Q2 results this month – which showed profit before tax up 4% year-on-year to £106m. The company also saw a climb in sports and gaming revenue, which increased 22% and 18% respectively – prospects the company have said will likely continue to grow after the Supreme Court ruling on PASPA back in May. They have also confirmed that Irish firm Goodbody Stockbrokers will lead the process.
All shares repurchased by Paddy Power Betfair through the new scheme will be cancelled.
Both schemes form part of Paddy Power Betfair’s plans to return £500m of cash to shareholders. Announced alongside the firm’s first-quarter results in May, chief executive Peter Jackson said that the project represents “a step towards a more efficient capital structure, whilst retaining substantial strategic flexibility”.
A US states move to legalise sports betting, Paddy Power Betfair have continued to take advantage of widening avenues of opportunity, acquiring FanDuel earlier this year and jointly launching sports betting services in a number of states.
Their initiative follows a similar move made by Goldman Sachs earlier this May when the company agreed to repurchase £200m of the company’s shares.
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