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Paddy Power Releases Positive First Half Results

UK based betting firm Paddy Power plc has released its financial results for the first half of 2013, noting that revenues and profits were up for the period.

Key financial indicators for the half ending June 30th, 2013 were:

  • Net revenue up 22% in constant currency with revenue growth in every division.

  • Profit before tax up 12% to €77 million and diluted EPS up 13% to 137.1 cent.

  • Interim dividend increased by 15% to 45 cents per share.

  • Net cash of €214 million at 30 June 2013.

Paddy Power's online operational highlights were:

  • Strong online growth with net revenue up 29% in constant currency to €243 million and operating profit up 19% to €57.5 million (or 28% excluding Italy).

  • Online (exc Australia): net revenue up 26% in constant currency. Operating profit up 17% to €42 million (up 29% exc Italy).

  • Online Australia: net revenue up 33% in constant currency, and operating profit up 25% to €16.5 million.

  • Mobile net revenue up over 100% to €104 million and an industry-leading 43% of online revenue, with 64% of active sportsbook customers and 36% of active e-gaming customers transacting via mobile in June. Mobile e-gaming net revenue up 253% in constant currency.

  • Paddy's Italian online business continued to progress well with an estimated share in excess of 9% of the online sportsbook market (and a close to 20% share of the mobile market) for each of the last three months and major expansion of the company's e-gaming and sportsbook product offers.

  • Over 1.7 million Facebook fans and Twitter followers, more than double that of the nearest industry competitor, contributing to marketing efficiency. Further enhancing this position with Paddy Power In-Play!, the first real money sports betting product on Facebook, test launch due in August.

Retail highlights for the period were:

  • 26 new betting shops opened throughout Ireland and Britain.

  • Operating profits in the UK up €300,000 to €7.8 million.

  • Retail stakes up 2%

  • Operational profits down €1.5 million to €7.6 million.

Speaking about his company's performance, Paddy Power CEO Patrick Kennedy said, "Paddy Power had a very good first half. Revenues increased in every division with very strong growth of 29% in online, which delivered over three quarters of group profit. The excellent performance of our Australian business was a particular highlight. Almost two thirds of the Group's online sportsbook customers now transact with us via mobile and this continues to grow."

"The second half of the year has started very well from a turnover point of view with sportsbook stakes up 25% in online and 4% in retail on a like-for like basis. Despite very poor recent sports results, we are on track to achieve low to mid double digit operating profit growth in constant currency in 2013."

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