Online sales help profits at Paddy Power soar
Profits have jumped by more than a fifth at Paddy Power after strong online and mobile sales.
The company saw growth in almost every division in the first six months of 2013 – bar its Irish retail operation.
Its board has now bumped up its interim dividend by 15% to 45c a share.
Half-year profits from online activities were up 29% to €243m while profits from mobile sales doubled to €104m. Its Australian online division did particularly well, with profits up a third.
The increasing importance of mobile devices to the betting industry is clear from the results – 64% of its active sportsbook market transacted via mobile in June.
On the retail side Paddy Power said it had increased its market share, with 19 new UK shops opening during the period and seven new Irish shops. UK operating profit from retail was up marginally to €7.8m, despite a €0.9m new gaming machine tax regime.
The company also highlighted its social networking presence. It said it now has more than 1.7m Facebook fans and Twitter followers, more than double that of nearest industry competitor.