NEWS — 28 August 2014

Paddy Power results 90353939

Paddy Power seen a record new number of customers in the past six months, as they acquired almost 800,000 new online users.

The interim results were announced today, and the bookmaker reported that these new customers came with no increase in marketing costs per customer.

The Irish company reported that the World Cup was 130 per cent more successful than the 2010 tournament, as they acquired 148,000 new online customers with total group stakes of €198 million.

Interestingly, the company also reported a successful six months in retail, openening a record number of new shops, which comes in a month that rivals William Hill identified 109 stores for closure.

They enjoyed a 26 per cent growth in UK retail operating profit to €9.5m, and having opened 33 more units now have an estate of 305 shops in Britain.

In Ireland, 16 new shops brings their tally to 243, and they reported operating profit to be up by 13 per cent to €8.6 million.

Chief Executive Patrick Kennedy said: “We had a cracking World Cup which generated stakes of almost €200m, 130 per cent ahead of the previous tournament. Australia continues to power ahead and Italy has made significant progress.

“The punter friendly results in football and racing which impacted the gross win percentage in the initial six months of 2014 failed to put a halt to our gallop.

“ For example, we acquired more new sportsbook customers on paddypower.com in these six months than in all of 2013.”

The Board said they expect mid-teen percentage growth in earnings per share for the full year and intend to recommence share buybacks.

Overall, they report a strong start to the second half of the year with Group net revenue up 45 per cent.

 

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