Irish bookmaker Paddy Power Plc today announced record results with growth across all divisions. The company reaped the benefits of its mobile betting platform and despite a poorer performance in sports betting over the second half of the year still managed to record net revenue up 17%.
The company showed a strong sportsbook growth with a large proportion now placing bets via mobile platforms. Also included in the results presentation is details of their continuing investment in new products and technologies which should leave the company strongly placed to take advantage of prevailing trends such as online, mobile.
|-||Net revenue1 of €745m, up 17%2 with revenue growth in every division;|
|-||Record profit before tax, up 5%2 to €141m and diluted EPS up 2% to 252.0 cent, despite significantly adverse sports results in H2’13;|
|-||Earnings growth also impacted by a €10m headwind from new product fees and taxes, currency depreciation and the first full year of investment in Italy;|
|-||Dividend growth of 13% to 135 cent per share for the year proposed, with an 11% increase in the final dividend to 90 cent per share;|
|-||Strong balance sheet with net cash of €172m, excluding customer balances of €57m, at end 2013.|
Patrick Kennedy, Chief Executive, Paddy Power Plc said:
“2013 was another good year for Paddy Power, with growth in every division and particularly strong growth in online which now delivers over three quarters of Group profits. We continue to build out our industry leading penetration in mobile sports betting and eGaming: mobile net revenue powered ahead by 73% in 2013 and now accounts for over half of total online revenue. Investment in mobile will continue to be significant in order to take advantage of our market leading position and avail of its exceptional growth potential.”
“This year has started well from a turnover point of view with sportsbook stakes up 16% 2, although sports results have been mixed. We’re strongly positioned to benefit from the growth “hot spots” in our markets and are investing accordingly. As a consequence, we look forward to 2014 and beyond with confidence.”