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Paddy Power Betfair PLC OTC: PDYPF Q2 Earnings Conference Call August 8, 5: Good morning, ladies and gentlemen. Welcome to our results update, and in particular, welcome to those who joined in Hammersmith. I'd like to start by just saying a few words about the announcement we made yesterday that I'll be stepping down as CEO sometime in the next 12 months. And you'll appreciate that there's never a good time to leave out a great business, a business with the prospects that I believe this business have.
You'd appreciate that there's never an easy time to leave a business, an industry that I've been as involved in as I have over the last 16 years. I was thinking this morning that I've be working in this industry longer than most of us would ever paddy power betfair married.
So it's been quite a while. But I do think it's an opportune time for the business. Given that the platform work is in its final stages and that, to all intents and purposes, we feel, in the slots 2015 3d, that the merger, other than the tech work, that work has been done. And I've committed both to myself and to the Board that I'll oversee the final check this out of this, which is the delivery of the technology project.
And for me, I'm just excited about taking on a new challenge in a different space. I'm very excited and delighted that the Board has appointed Peter Jackson. I'm comfortable and confident that he would bring a click the following article of energy, intellect, new ideas, that he will shine read article light at -- and he will consider the business and kind of shine a light to some places where I've had blind spots, and paddy power betfair also provide continuity, which is valued both by my colleagues and by the board and, I think, will be valued by our shareholders.
And moving to that, the business performance in the first half, many things are going very well. We're delighted with the Australian business momentum in sportsbook. Our retail business remains best-in-class.
We're excited about the U. I was there last week as paddy power betfair who are tracking me and stalking me on Twitter, I probably have shared with you.
And although there are some areas in the online business that we're not satisfied with, and we'll talk about that later. There's also some good signs. And we're looking forward to getting more product developed. A major theme in these results is the continuation of substantial investment to position the business as a long-term winner.
We're using technology to leverage our scale. We have talked paddy power betfair the past, and I think we'll continue to talk about minimizing the cost of service, which gives us the choice to give more value to our customers.
We believe that this low-cost production, low cost of service paddy power betfair an important advantage in a highly competitive industry like this, and one link probable increases in the cost paddy power betfair regulation and compliance costs.
Technology paddy power betfair allow us to improve our customer proposition. We'll talk about that a little bit. But before I talk through the strategic stuff in more detail, I'll pass over to Alex to take us through the financial and operating performance in the first half. And thank you, Breon. Let me take you through some of the highlights and financial performance.
Of course, we'll start with the group's financial highlights, and then go to the individual businesses. A lot of it has to do with the European championship last year. And of course, you will remember that the first quarter benefited from a very favorable Cheltenham, in particular.
Revenue in the second quarter was affected by the year-on-year decline in sportsbook net revenue margin and the absence of the major tournament for both tournaments. And now just a few words on the margin. The sportsbook net revenue margin was 1.
That's the group number, driven by both a strategic decision to increase our investment in pricing and promotion, which Breon has referred to, and unfavorable sporting results. The sporting results contributed 1. I mean, that is roughly 30 million in the quarter. Now that's a group number.
I will then talk specifically about the online. The online number, sport effect by the sporting result is actually greater than the 1. The EBITDA margin increased by 2. And people will ask, and I know you guys like to say, well, without this, casino seneca hotel that, what would the operating margin would be?
And I think the key point for me is that in paddy power betfair currency, EBITDA margin is up 3. If you exclude synergies, right, which paddy power betfair people like to exclude for reasons difficult for me to understand, but let's just exclude, the EBITDA margin is still up 0.
So the paddy power betfair, constant currency, not constant currency; synergies, no synergies, operating leverage continues, right? Different amounts but absolutely continues. And we have declared an interim dividend of 0. Moving on to the bridges, and this is the EBITDA bridge on the slide.
FX, well, impact on EBITDA is actually quite small, only 2 million. Secondly, Euro contributed 13 million of EBITDA across the whole tournament, and approximately, as I said before, 4 million of this landing in the first half. Marketing for Euros was about 15 million for that period and 20 million for the total European championship paddy power betfair altogether. Excluding Eurothe year-on-year FX movement, underlying revenue growth resulted in a 39 million increase in EBITDA in H1 after reflecting direct costs.
And finally, turning to costs, you can see the increase in marketing costs outside of Euro and the savings in other areas, which, again, talking about merger, synergies as well as efficiencies as the business continues to be focused on those efficiencies. And now, let's just go through the divisions. As Breon said, I mean, we'll start with online, which is, I guess, where some of the issues are, which Breon will touch on more and the rest of the divisions, while we'll talk about them, but I think the operative word, will be they're doing extremely well.
And so there'll be probably much less to paddy power betfair on those. Starting with our online division, which includes Paddy Power, of article source, and Betfair brands as well as our B2B activities.
For those of you who are going to say, but this includes FX, but it also includes Dial-a-Bet decrease. So if you net all of this out, you're still at the same numbers effectively. The growth in stakes was offset by 0. Of the total decline of 2. This investment of GBP30 million for the first 6 months was very much weighted towards Australia. And the business, obviously, there is doing extremely well. As paddy power betfair said paddy power betfair Q1 trading update, there is no quick fixes for our gaming business.
The paddy power betfair thing that I would say is that Q2 of last year probably benefited from You roulette russe casino Deutschland championships again. If you look over in the last number of quarters, it's been steady by about GBP60 million.
The online revenue for gaming was about GBP60 million a quarter. My expectations are, while I don't expect it to increase as we're fixing the issues, I don't expect it to decline either. So I expect that GBP60 million per quarter continue to go on for the next few quarters paddy power betfair certainly, through the four winds casino locations of the year.
And again, Q2 of last year benefited GBP65 million because of, I think, European championships. Now we're back to that GBP60 million run rate. And you could see, we've given you the numbers, the FX impact on the right side here. Paddy power betfair year, In-Play Betting was only permitted via telephone. This growth reflects both good underlying market growth rates and our continued investment in paddy power betfair promotion and key marketing assets to ensure Sportsbet's online leadership position is maintained.
As I said, a http://desenecopii.info/casino-slot-games-online.php proportion of the GBP30 million overall group investment is in Australia.
And we continue to, of course, continue, and the Australian management continues to be very disciplined on costs ahead of potential further regulation. Operating costs benefit from some decrease in the marketing asset inflation. Again, another, I think, market-leading performance, as, I think, Breon http://desenecopii.info/casinos-near-anaheim-ca.php referred to.
We apply very conservative regulatory assumptions when http://desenecopii.info/online-slots-jtkok.php opportunities to river casino entertainment our estate. Despite this, we continue to identify some attractive new shop locations and opened 7 shops in the paddy power betfair half. Furthermore, a high-quality nature of our U. K estate, casino queen has sector-leading profitability and a strategy focused around the strong sports-led proposition, means that we are well-positioned ahead of the changes to maximum state limits on B2 machines.
Our analysis of the likely impact on paddy power betfair estate and the wider market means we paddy power betfair not currently envision the need for any shop closures as a result of anticipated regulatory changes.
That's another 1 million, for those of -- just to quantify it. Our New Jersey casino is now operating, however, at breakeven. Certainly, it would be expected to be profitable next year. That's the divisional http://desenecopii.info/slots-heaven-no-deposit-bonus.php. A few paddy power betfair on cash flow.
I would like to just highlight a couple of things in relation to -- a couple of items in relation to H1 cash flow. CapEx, we incurred 50 million of CapEx in the first half. We expect full year spend this year to be more H1-weighted, due primarily to the paddy power betfair integration work and the timing of certain http://desenecopii.info/gaming-lounge-casino.php license fees.
And for the full year, we expect approximately 90 million of CapEx. Separately disclosed items, paddy power betfair are some costs on those items that are cash costs that are still coming through this year.
That's really all -- I'm going to say, most of those are employee-related, obviously. But by the end of the second half, 4 million will fall into second half by the time we're finished with that.
Paddy Power Betfair's (PDYPF) CEO Breon Corcoran on Q2 Results - Earnings Call Transcript | Seeking Alpha
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Paddy Power Betfair PLC (OTC:PDYPF) Q2 Earnings Conference Call August 08, AM ET Executives Breon Corcoran - Chief Executive Officer Alexander G.
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Gary McGann: has hired Peter Jackson, CEO of payments processor Worldpay, as chief of Paddy Power Betfair, and Kevin Toland, CEO of airport operator DAA, as Aryzta.