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Paddy Power Betfair's (PDYPF) Management on Q3 2017 Results - Earnings Call Transcript

Nov. 05, 2017 6:38 PM ETFlutter Entertainment plc (PDYPF)
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Paddy Power Betfair PLC (OTCPK:PDYPF) Q3 2017 Earnings Conference Call November 1, 2017 4:30 AM ET


Alexander Gersh - CFO


Ed Young - Morgan Stanley

Richard Stuber - Numis Securities

Gavin Kelleher - Goodbody

Joe Thomas - HSBC

Simon French - Cenkos

David Jennings - Davy

[Call Starts Abruptly]

Unidentified Corporate Participant

Good morning and Thank you for joining the Paddy Power Betfair Q3 Call. With me this morning is Alex Gersh, our CFO. At this stage I guess you have had chance to read the Q3 trading update. So I’ll briefly cover a number of highlights and the move on to questions.

Overall this was an encouraging quarter for the group, including another standout performance from Sportsbet in Australia, which delivered revenue growth of 29%. EBITDA increased by 7% despite marketing investment in Draft, our US startup and a strong contribution from Euro 2016 to the comparative period last year which particularly impacted growth in our Online division.

For the full year, we now expect to underlining EBITDA to between 450 million and 465 million sterling. A key for this year is the integration of our technology platforms which we are undertaking to improve the efficiency and to increase the pace of new product releases. This project is nearing completion.

We’re moving now to the migration phase, which will see all Paddy Power customers migrate to the Betfair, a new version of the Betfair platform. The new Paddy Power front end are currently in beta testing with a small number of customers. The full migration will be done on a faint basis to minimize risk, and we now expect this to be completed early in the New Year.

As you would have also seen in our announcement, we’ll handover the leadership of the group to Peter Jackson in

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