Paddy Power Gets Online And Mobile Boost

Ireland based gambling company Paddy Power plc has released its first half financial results, with the company's online and mobile based betting options are heading up solid numbers.

Paddy Power plc Chief Executive said, “This has been a great first half for Paddy Power. The excellent performance of the Online Division and the success of our mobile offering stand out. We have continued to experience strong growth in the UK Retail market and our Australian business has progressed well."

Overall Key Indicators for the half are:

• Profit before tax up 15% over the same period last year to €56.8 million; adjusted for last year's World Cup results.

• 20% increase in the interim dividend to 30.0 cents per share, which was supported by a steady balance sheet with net cash on hand of €91 million at the end of the first half.

• 81% of operating profit came from online activities; 73% came from international activities.

Paddy Power's online highlights for the first half were as follows:

• A substantially increased online scale.

• Gross win percentage up by 28% to €143 million.

• Operating profit up by 25% over the same period last year to €45.3 million.

• Very strong paddypower.com growth.

• Active customers were up 48% over the same period last year.

• Gross win percentage up to 35% to €101.1 million.

• Operating profit up 26% from the same period last year to €36.5 million.

• Strong Australian growth in profit and initiatives to drive further growth.

• Operating profits up by 25% over the same period last year to €9.8 million.

• Large share of rapidly growing mobile market:

• Paddypower.com mobile sports book turnover was up 279% with 35% of total active customers completing transactions via mobile, which accumulated for 22% of stakes.

Retail highlights for Paddy Power were:

• UK retail operating profit up 59% over the same period last year to €4.7 million. Like for like sportsbook stakes were up 6% and like for like machine gaming revenue was up 16%.

• UK real estate now numbers in at 151 shops with 27 shops opened so far this were, with an anticipated opening of 35 to 40 shops each year.

• Irish retail operating profit was down 44% over the same period last year to €5.1 million, which was driven by adverse sports results. Like for like stakes were down by 1% and operating costs per shop were down 4% over the same period last year.

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