March 6, 2019 / 7:45 AM / 19 days ago

Paddy Power Betfair to rename as Flutter Entertainment

DUBLIN (Reuters) - Paddy Power Betfair plans to rename as Flutter Entertainments to reflect its growing number of brands, the Irish-headquartered bookmaker said on Wednesday after announcing full year profit at the upper end of its guided range.

The company in May agreed to merge its U.S. business with fantasy sports company FanDuel and in February bought a 51 percent stake in Adjarabet, an online betting and gaming company based in Georgia.

“With a growing portfolio of brands, we plan to rename the Group as Flutter Entertainment plc,” Chief Executive Peter Jackson said in a statement.

Earnings before interest, tax, depreciation and amortisation for 2018 was 475 million pounds ($623.39 million), at the upper end of its guided range of 465 million to 480 million pounds, the statement said.

The new year has started in line with expectations “with good momentum across our key divisions”, it said.

Stockbrokers Davy described the results in a note as “modestly ahead of expectations” and said it would not make material changes to its forecasts.

(The story corrects to read Georgia, not the U.S. state, paragraph two.)

Reporting by Conor Humphries; editing by Emelia Sithole-Matarise

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