Member Article

Online and international success for Paddy Power

Betting group Paddy Power announced a pre-tax profit of €68.7m (£54.5m) up 21% from the first 6 months of last year after betting during the Euro 2012 football tournament boosted the firm.

Earnings per share rose 25% to 121.5 cents (96.4 pence) for the period up to 30th June, while the bookmaker’s interim dividend increased by 30% to 39 cent (30.9 pence) per share.

Growth for the firm was also strong as its net revenue improved by 29%, and the company reported “double-digit growth” in every division.

The online market saw considerable success as new customers and investment in the business increased through the internet. Customer acquisition was up by half and active customers rose 41% to 1.2m people.

Strong growth in the Australian and Italian markets boosted the company, along with a substantial rise in mobile gaming which generated a 239% increase in net revenue.

In the UK retail business for Paddy Power, sportsbook stakes improved by 12% while betting on machine games saw an increased revenue up 5% like for like.

Retail in Ireland was also successful as operating profit increased by a significant 79% to €9m (£7.1m), while like for like stakes decreased by 3%.

Commenting on the results, Patrick Kennedy, Chief Executive, Paddy Power plc, said: “This has been a very strong first half for Paddy Power.

“We strongly promoted our brand, products and Money-Back Specials during Euro 2012. We’ve also been busy on the development front with sustained investment, a successful launch into the Italian online market and three further new revenue streams set to contribute in the second half of the year.

“With our Online and Retail divisions both continuing to deliver substantial growth and our expansion plans progressing, we are confident in the Group’s prospects for the rest of the year and beyond.”

This was posted in Bdaily's Members' News section by Miranda Dobson .