Paddy Power sees revenue growth of 23 per cent
Irish bookmaker Paddy Power has said that overall, its performance between the start of July and mid-November has been in line with expectations, with strong growth in net revenue of 23 per cent and continued significant investment.
Irish bookmaker Paddy Power has said that overall, its performance between the start of July and mid-November has been in line with expectations, with strong growth in net revenue of 23 per cent and continued significant investment.
The paddypower.com website maintained good momentum, with turnover increasing by 28% against the same period the previous year.
Activity levels outside of Australia were moderated by a number of factors, including weather related racing cancellations and the Olympics. However, this was offset by favourable sports results which resulted in a gross win percentage above our normal expectations and the equivalent period last year.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
UK Retailed delivered a solid performance in a competitive high-street environment, with like-for-like net revenue up 5%, driven by strong sportsbook growth of 12%, offsetting a decline in machine gaming of 4%. Irish Retail also performed positively with like-for-like stakes up 0.4% and net revenue up 8%.
Online turnover in Australia rose 24% compared to the same period the previous year, and while gaming/B2B net revenue growth slowed during August and September, it returned to strong growth in October and grew by 14% in the period overall.
"We now expect to open up to 45 new shops in the UK in 2012," the firm said. "We also continued to progress our portfolio of newer online businesses and to invest in exploring other development opportunities to contribute to longer term growth.
"Our leading positions in mobile betting are positively impacting online turnover growth and sportsbook gross win percentages. In October, mobile turnover as a percentage of total online sportsbook stakes was 27% in Australia (June: 25%) and 45% in paddypower.com (June: 41%). The most rapid mobile penetration continues to occur in gaming with mobile gross win in October accounting for 28% of Paddy Power Casino (June: 19%) and 25% of Paddy Power Games (June: 20%)."
NR
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
How to boost your pension by £33,000 by paying it an annual Christmas bonus
Contributing an extra £400 into your pension pot this festive period will give the gift of compound interest and should make your retirement feel more jolly and bright
By Ruth Emery Published
-
Japan’s medium-sized stocks provide shelter from trade wars
Nicholas Price, portfolio manager of Fidelity Japan Trust, tells us where to invest in Japan
By Nicholas Price Published