Today Paddy Power Betfair plc (LON:PPB) released its preliminary results for the full year ended 31 December 2015. The results did not include the performance of the companies after the merger as it only reached completion in February 2016.

Paddy Power and Betfair said the companies performed well pre-merger with notable increases in revenue, up by 24% reaching €1,094 million. The increase in revenue saw operating profit rise by 10% to €180 million causing diluted earnings per share to increase by 12% to 332.8 cents per share.

In an statement to investors, Gary McGann, the Chairman of the group said:

“Paddy Power saw continued strong growth, culminating in record revenues of €1,094m and operating profits of €180m. This was underpinned by a strong operational performance and significant strategic progress. The business’ attractive cash flow generation, coupled with a strong balance sheet, allowed the return of over €390m to shareholders in June via a B-Share scheme.”

In September the boards of both Betfair Group and Paddy Power agreed on an all share merger which completed on 2nd Feruary following approval from shareholders in December.

McGann went on to say that the merger has created one of the world’s largest online betting and gaming companies which now has an enlarged reach and market leading capability. He said on a proforma basis the merged group had £1,318m in revenues and £229 million of underlying operating profits for the year ended 31 December 2015. Online business contributed to 80% of Group revenues and 87% of operating profits.

Breon Corcoran, Chief Executive of Paddy Power Betfair plc said in the update:

“Our belief in the strategic rationale for the deal has only been strengthened following our early days as a combined operator. The combination of two industry leading operators, with aligned strategies and a strong cultural fit, is hugely exciting and the enhanced efficiency from operating at greater scale means we are well positioned to compete in both existing and new markets.”

The business saw the biggest part of online growth from Australia where revenue was up by 43% whilst operating profit went up by 54% to €80 million. Mobile revenue also contributed to 68% of online revenue as 80% of active customers placed transactions through a mobile device.

Following the results the full year dividend was raised by 18% to 180 cents per share with an additional €8 per share cash return during 2015.