he Dublin-based operator revealed that it achieved record turnover during the period of 4.6 billion euros with an operating profit of 120 million euros while net revenues rose by 17 percent year-on-year followed by a 26 percent improvement in earnings per share when compared with the same period in 2011.
“The scale of the group also increased significantly with strong growth in our existing markets particularly in online and mobile betting and further international expansion progressed in Canada, Italy and Bulgaria,” said Nigel Northridge, Chairman for Paddy Power. “The group’s strong momentum has continued into 2012 supported by substantial ongoing investment.”
Paddy Power stated that revenues from its online operations swelled 31 percent year-on-year for the 19-week period while earnings from its retail estate rose by 26 percent compared with the same stage last year.
“Sports results have been favourable with the group’s sportsbook gross win percentage above the equivalent period last year and our normal expectations,” said Northridge. “All divisions have performed strongly. Within online, net revenue has grown by 37 percent in Australia and by 28 percent in paddypower.com. This was driven by continued strong growth in online active customers of 40 percent comprising a 30 percent increase in Australia and 41 percent growth in paddypower.com. The strengths of both businesses are being complemented by leading positions in mobile betting with that component of revenue up 241 percent. In April, mobile turnover accounted for 23 percent of total online sportsbook stakes in Australia and 38 percent of total sportsbook stakes in paddypower.com.”
Paddy Power declared that it currently held 202 million euros in net cash, or 149 million euros excluding customer balances, and ‘looks forward to the remainder of 2012 with confidence’ due to the ‘strong momentum in the business and substantial ongoing investment’.