Australia now accounts for almost 40 percent of the firm's profit
Paddy Power H1 operating profit falls 14 percent
2014-08-28
Reading time 42 seg
(UK).- Irish betting firm Paddy Power announced a fall in first half operating profits of 14 percent, to 60.1 M euros, after it was hit by a run of unfavourable sports results. The Irish firm, which saw revenue rise by 7 percent in the period and increase its interim by 11 percent, said the second half of the year had started well after a successful FIFA World Cup, with a rebound in sports results.
It expects mid-teen percentage growth in earnings per share for the full year, despite an 11 million euros headwind from product fees, new taxes and currency translation. The betting firm said it had gained 795,000 new customers in the six month period - 148,000 of those during the FIFA World Cup, while online active customer numbers are up 25 percent.
It added that Australia now accounts for almost 40 percent of the firm's profit. Paddy Power has more than doubled its annual profits since 2009 on expansion overseas and a strong performance online, where it leads the industry in betting via smartphones and tablets.
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