Paddy Power Posts Trading Update

Internet betting group Paddy Power has released their latest trading update, noting a large amount of growth despite sportbetting hits that the group has taken.

The trading update is from the period ranging from July 1st through November 15th, 2015 and the company revealed that earnings are in line with the company board's expectations.

Corporate highlights for the period were:

  • Consolidated sports betting stakes up 29 percent, and a 5 percent increase in net revenues.

  • A 23 percent increase in online sports betting stakes and a total net revenue increase of 7 percent.

  • Australia - online - Total stakes increased by 43 percent and net revenue by 33. New customer acquisitions increased 22 percent in the post-World Cup period. Telephone, which is predominantly a betting-in-running channel, grew stakes by 38 percent.

  • UK and Irish online business - total net revenue decreased by 9 percent, new customer acquisition was up 20 percent, sportsbook stakes increased 11 percent, and eGaming revenue grew 6 percent.

  • Italy - Online - Revenue increase of 3 percent, driven by strong growth in eGaming.

  • Group Retail, sports betting stakes grew by 12 percent and total net revenue by 7 percent.

  • UK Retail delivered a 5 percent like-for-like growth in sportsbook stakes. However, like-for-like sportsbook net revenue decreased by 8 percent, attributed to adverse sports results. Machine gaming net revenue grew 6 percent on a like-for-like basis.

  • Irish Retail like-for-like stakes grew 8 percent and net revenue by 4 percent.

  • Net debt stands at Euro 96 million.

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