Irish bookmaker Paddy Power says its full-year results are to be better than anticipated thanks in part to favourable football results during the 2014 World Cup in Brazil and strong performance at the recent Spring Carnival racing event.
An interim management statement on the Paddy power corporate website reads:
“In the second half of the year to date, strong revenue growth has continued in all our businesses. We are benefiting from good top-line growth and favourable sports results. Sportsbook stakes were up 18% online and 3% in retail on a like-for-like basis, with total Group net revenue up 38%.
“The Board now expects mid to high teens percentage growth n earning per share for the full year.”
Paddy Power's figures look solid across the board with both it retail (physical brick-and-mortar outlets) and its online arm producing much better figures than previously. Total online net revenue grew by 42%, with the UK and Irish online business seeing the sportsbook net revenue soar by some 59%.
The Group's retail side of the business saw net revenue grow by 14% on a like-for-like basis, a figure helped by the opening of 73 new shops across the United Kingdom and Ireland.
As a result of the increased revenues, Paddy Power is now sat on a €206 million cash pile, which is using part of to recommence its share buyback programme.
Paddy Power Interim Financials
|Increase / (Decrease)|
|Sportsbook amounts stakes||+14%|
|Sportsbook net revenue||+41%|
|Total net revenue||+38%|
|Online (ex Australia)|
|Sportsbook amounts stakes||+16%|
|Sportsbook net revenue||+60%|
|Gaming / B2B net revenue||+20%|
|Total net revenue||+42%|
|Online amounts stakes||+21%|
|Online net revenue||+41%|
|Total net revenue||+43%|
|Sportsbook amounts staked like-for-like||+2%|
|Sportsbook net revenue like-for-like||+20%|
|Machine gaming net revenue like-for-like||+12%|
|Total net revenue like-for-like||+16%|
|New shops year to date||53, including 8 acquired|
|Amounts staked like-for-like||+4%|
|Net revenue like-for-like||+11%|
|New shops year to date||20, including 17 acquired|