Paddy Power Betfair announced on Wednesday it is considering changing its name to Flutter Entertainment in a bid to “reflect the increased diversity of our brands and operations”.

The betting firm announced the proposal in its preliminary annual results for 2018.

According to the figures, revenue was up 7% to £1.9 billion on a year-to-year and 9% on a currency currency basis.

Paddy Power Betfair said revenue was up 5% on online channels and 6% in Australian markets.

However, pre-tax profits were down 11% to £219 million compared to £247 million a year ago.

The company added that reported earnings per share were 6% lower, largely as a result of investment in the US.

Peter Jackson, Chief Executive, commented:

“I’m really pleased with the way that the Group performed in 2018 in what was a challenging year for the sector with regulatory and tax changes. Our collection of challenger brands are well positioned in their local markets.

Paddy Power has regained its mojo, taking share following product improvements and some of our “classic” marketing. Betfair, our unique combination of product that appeals to customers around the world, will be improved by our ongoing investments in languages and localisation.”

Introducing the intended name change, Jackson said: “With a growing portfolio of brands, we plan to rename the Group as Flutter Entertainment plc. There are no plans to use this historical name for consumers, and we will seek shareholders permission for the change at our forthcoming AGM.”

Paddy Power Betfair (LON:PPB) are currently +1.20% as of 13:00PM (GMT), as investors react to the announcement.