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Paddy Power plc's Chairman Nigel Northridge shared the company's interim management statement for the period of January to mid-May 2012, highlighting revenue growth of 28%.
Northridge, speaking in the statement said: "In 2011, the Group achieved record turnover of €4.6 billion and operating profit of €120 million. Net revenue increased by 17% and earnings per share grew by 26%. The Board's proposed final dividend will deliver a total 2011 dividend of 100 cents per share, an increase of 33%."
"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."
Northridge went on to state that sports betting has been good for the Irish bookmaker, as gross winning percentage is higher than management's expectations. Both the company's Australian and European online operations have also been strong, with online revenue up 37% in Australia and 28% in Europe.
"The strengths of both businesses are being complemented by leading positions in mobile betting," said Northridge, noting an impressive surge of 241% in revenue in that group operation. In April, mobile turnover accounted for 23% of total online sportsbook stakes in Australia and 38% of total sportsbook stakes in Paddypower.com."
"Given the current strong momentum and position of Paddy Power, and the substantial opportunities that exist in online betting, the Group is now investing at an increased rate for further expansion." Northridge concluded.
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