Paddy Power Betfair ups FY profit guidance on sterling, merger

DUBLIN, Nov 4 (Reuters) - Paddy Power Betfair (LSE: PAP.L - news) increased its full-year profit guidance on Friday citing a boost in the sterling value of its euro revenue, this year's merger and favourable sporting results.

The gambling company said it expect reported core earnings (EBITDA) for the full year of 390 million to 405 million pounds ($486-505 million), up from a previous guidance of between 365 million and 385 million.

It said it expected synergies from the merger of Paddy Power (EUREX: 27913021.EX - news) and Betfair to be 35 million pounds rather than 30 million in 2016 and it reported a 28 million pound benefit from the translation of non-UK revenue due to the weakness of the British pound.

Source text: [https://www.paddypowerbetfair.com/~/media/Files/P/Paddy-Power-Betfair/documents/q3-2016-trading-update.pdf ]

($1 = 0.8025 pounds) (Reporting by Conor Humphries; editing by Jason Neely)