May 3, 2017 / 6:17 AM / 3 months ago

BRIEF-Paddy Power Betfair Q1 profits double on revenues, merger savings

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May 3 (Reuters) - Paddy Power Betfair Plc

* Q1 revenue up 23 pct to £416m (up 15 pct in constant currency

* Growth driven by sports, with sportsbook stakes up 18 pct (cc +9 pct) and margins up 1.3ppts

* Underlying ebitda up 87 pct to 111 mln pounds and underlying operating profit up 114 pct to 91 mln pounds (cc +117 pct)

* Revenue growth, annualisation of merger-related cost savings and continued focus on operating efficiency resulted in doubling of operating profit

* Results favoured customers since Q1, and overall gross win margins were weak in April Further company coverage: (Reporting By Padraic Halpin)

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