Paddy Power reports a 25% rise in 2012

Dublin-based firm revealed that the twelve months to 2012 saw it post improved revenues from every division while total amounts staked improved by 19 % year-on-year in constant currency to 5.69 billion euros.

Paddy Power posted operating costs for 2012 of 417.6 million euros including 20.5 million euros for the initiation of four new online ventures, which was an increase of 31 percent when compared with 2011 in constant currency, although its operating profit rose by six percent year-on-year to 136 million euros.
In addition, Paddy Power declared that its annual gross profit swelled by 24 percent year-on-year in constant currency to 553.6 million euros while its profit before tax hit 139.2 million euros, which was seven percent up on 2011.

All of this left the firm with 209 million euros in net cash as of December 31, which was 73 million eurosmore than at the conclusion of 2011.
Mobile net revenues were up by 185 % year-on-year in constant currency to 129 million euros, or 32 % of its total revenues from online, with 61 % of active sportsbook customers and 30 percent of participating iGaming customers transacting via mobile last month.

“This has been another strong year for Paddy Power,” said Patrick Kennedy, CEO for Paddy Power. “Our turnover grew by 25 percent to 5.7 billion euros as payback from ongoing investment continued to deliver growth across the group. Online goes from strength to strength. The adoption of mobile across our markets combined with our e-commerce capabilities, technology and brand means we now have nearly twice as many active online customers than we had in 2010. We also expanded our social media activities and opened 44 new shops in the UK.

“Trading in January to February has been strong and has also benefitted from favourable sports results. Sportsbook amounts staked are up 19 percent and total net revenue is up 34 percent in constant currency. However, current exchange rates, if they continue, could reduce operating profits by approximately 10 million euros this year. We’re well positioned in attractive and growing markets through sustained investment and strong capabilities and, as a consequence, look forward to 2013 and beyond with confidence.”