Paddy Power Betfair has reported an 11% fall in full year pre-tax profits despite a 7% rise in revenues for the year to the end of December.

The bookies chain said its pre-tax profits for 2018 fell to £219m from £247m in 2017, while its revenues rose to £1.873 billion from £1.745 billion.

The company also said it is proposing to re-name the group as Flutter Entertainment in May.

It said this reflected the increased diversity of its brands and operations which now include six consumer-facing brands – Paddy Power, Betfair, Sportsbet, FanDuel, TVG and Adjarabet.

The name change is subject to shareholder approval at the company's AGM later this year.

Paddy Power's chief executive Peter Jackson said that 2018 was a challenging year for the sector with regulatory and tax changes. 

But Mr Jackson said the company's 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," he said.

"Betfair, our unique combination of product that appeals to customers around the world, will be improved by our ongoing investments in languages and localisation," he added.

"In Australia recent tax changes favour the largest operators and we are determined to maintain our leadership position amongst the online bookies, using Sportsbet's leading customer proposition and generosity to continue to take market share," he stated.