Paddy Power expects full-year growth after ‘strong’ showing in second half

Paddy Power expects full-year growth after ‘strong’ showing in second half

Tuesday, November 18, 2014 Totally Gaming

Paddy Power has announced that it expects to achieve mid to high teens percentage growth in earnings per share for the full year after it experienced “strong revenue growth” during the period from July 1 through to November 16.

The Irish bookmaker said in an interim management statement that it achieved a 38 per cent year-on-year increase in total net revenue during the second half of the year-to-date.

This overall increase was driven by a significant jump in the fortunes of its sportsbook operations. Revenue from the Paddy Power sportsbook rocketed 41 per cent while the amount staked by customers grew by 14 per cent.

The bookmaker’s online operations also demonstrated substantial growth during the period, with revenue from the Paddy Power online business excluding Australia up 42 per cent. The online sportsbook experienced revenue growth of 60 per cent while online gaming and B2B revenue also jumped by 20 per cent year-on-year.

Paddy Power also highlighted the success of its main geographical operations by reporting that revenue from its Australian business jumped by 43 per cent in the period. This total was significantly boosted by a hike in online net revenue, which grew by 41 percent in the second half of the year-to-date.

Elsewhere, the bookmaker reported that its UK retail operation saw like-for-like net revenue grow 16 per cent, a year-on-year increase that was driven by a hike in both sportsbook and net revenue. Paddy Power noted that it opened 53 new shops in the UK market during the period as well as acquiring another eight sites.

Meanwhile, Paddy Power also performed well in its native Ireland with like-for-like net revenue from its retail business in the country up 11 per cent. The bookmaker was also able to open 20 new shops and acquire another 17 during the period.

Although Paddy Power declined to respond to a request from to discuss the results further, the bookmaker did say in a statement that, based on this latest set of results, it is confident of achieving significant full-year growth.

“In the second half of the year-to-date, strong revenue growth has continued in all our businesses,” Paddy Power said. “We are benefitting from good top-line growth and favourable sports results.

“Sportsbook stakes were up 18 per cent online and three per cent in retail on a like-for-like basis, with total group net revenue up 38 per cent. The board now expects mid to high teens percentage growth in earnings per share for the full year.”

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