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Ireland based wagering company Paddy Power Plc has released its 2011 year end financial results, highlighting a strong performance in mobile and online operations.
Key financial indicators for the period ending December 31, 2011 were:
Underlying profit before tax amounting to €121.2 million, a growth of 16%
Adjusted diluted EPS growth of 26% to 212.3 cent
A 40% increase in the proposed final dividend to 70 cent per share, implying full year dividend growth of 33% to 100 cent per share
Strong balance sheet with no debt and cash of €136 million at 31 December 2011
79% of operating profit from online activities; 74% from customers outside Ireland
Online highlights include:
Active customers up 35% to 1.1 million
Net revenue amounting to €295 million, up 26%
Operating profit of €95 million, up 26%
Paddypower.com showed strong growth with active customers increasing by 41%, net revenue up 30% to €199 million and operating profit up 29% to €74.3 million
Strong and continually increasing Australian growth with online stakes up 15% in constant currency (growth of 7% in the first half and 23% in the second half) and operating profit up 17% to €22.8 million
A leading share of the rapidly growing mobile market with group mobile net revenue up 299% to €43 million
Retail highlights for the period ending December 31, 2011 were:
UK Retail like-for-like sportsbook stakes and machine gaming net revenue both up 10% in constant currency and operating profit up 43% to €10.5 million;
41 shops opened during 2011 bringing Paddy Power’s UK Retail estate to 169 shops. Expectation of opening 35 to 40 shops annually;
Irish Retail like-for-like stakes up 1%, direct operating costs per shop down 4% and operating profit down 38% to €10.9 million, attributed to adverse sports results.
Market share increase of 34%.
Commenting on his company's performance Paddy Power Plc Chief Executive Patrick Kennedy said:
"These results demonstrate the strides we've made in building an international business of scale in regulated markets. Online markets are growing at pace and Paddy Power continues to invest aggressively in talented people, product and technology to capitalise on this dynamic market. Our class leading mobile product, married to the strength of our brand and strong value offering has driven acquisition and retention, leading to 1.1 million active customers online."
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