Paddy Power announces strong interim statement
Northridge said: “In 2012, Paddy Power achieved record turnover of 5.7 billion euros and operating profit of 136 million euros. Net revenue increased by 25% in constant currency and earnings per share grew by 17%. Last year’s results also reflected a significant level of investment for the future with over 20 million euros in start-up losses across four new online ventures, in particular our launch into the Italian online market in May 2012."
Within online, he added, net revenue has grown by 30% in online excluding Australia, and 28% in Australia, which was driven by continued strong growth in online active customers of 33%. Sports results have also been favourable overall, with the group’s sportsbook gross win percentage above normal expectations and above the equivalent period last year.
Concluding the interim statement, Northridge said that the group retains significant financial flexibility with net cash of 268 million euros, or 208 million euros excluding customer balances.
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