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Double-digit growth for Paddy Power

First six months of 2012 has seen Irish sportsbetting provider post a profit before tax of €68.7 million with net revenues rising by 29 percent year-on-year.

Thursday 30th August 2012

Retail and online sportsbetting provider Paddy Power has released its interim financial results for the first six months of 2012 showing a 29 percent year-on-year constant currency rise in net revenues alongside double-digit growth from every division. Paddy Power stated that its first-half profit before tax had increased 21 percent year-on-year to €68.7 million ‘despite some adverse sports results’ since its May trading update while it currently holds a ‘strong’ balance sheet with net cash of €186 million. With regards to its online business, Paddy Power declared that a 50 percent year-on-year improvement in customer acquisition in addition to a 41 percent boost in the number of active customers when compared with the same period last year to 1.2 million had seen net revenues from this division up 41 percent to €191 million while operating profit surged seven percent to €48.5 million. Paddy Power also pointed to ‘strong’ growth from its operation with customer acquisition improving by 48 percent year-on-year alongside a 42 percent boost in the number of active customers when compared with the same period last year to one million. All of this saw the domain’s net revenues swell by 32 percent year-on-year in constant currency to €128 million while operating profit was up by 15 percent when compared with the first half of 2011 before start-up losses on four new ventures. Regarding mobile, Paddy Power said that it now has a ‘leading’ market share with net revenues improving by 239 percent year-on-year in constant currency to €53 million with 54 percent of active sportsbook customers now using the technology in June alone. “This has been a very strong first half for Paddy Power,” said Patrick Kennedy, Chief Executive Officer for Dublin-based Paddy Power. “Revenue growth in our existing businesses has accelerated with a 29 percent increase and each of the divisions achieving double-digit growth. We strongly promoted our brand, products and money-back specials during Euro 2012. This contributed to a 50 percent increase in online customer acquisition for the half-year. “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.”

Source: OnlineCasinoNews

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