Financial News

Paddy Power profits rise by 33% during first six months of 2015

By Business & Finance
26 August 2015
profits stock

In a memorable day for the company, Paddy Power has announced an operating profit of €80m and a 25% increase in net revenue for the first six months of 2015.

The growth has been the result of substantial product enhancements, new marketing campaigns and efficiency gains, with strong double-digit growth across all online and retail divisions.

Andy McCue, chief executive, Paddy Power, said: “Paddy Power has delivered a very strong performance in the first half with net revenue up 25% in constant currency and operating profit up 33%. Underlying operating profit was up 68% excluding the impact of new taxes and product fees. While this performance was broadly based across all our online and retail divisions, Australia has been the standout with reported operating profit up 78%.

“We have made substantial progress implementing the strategy we set out in March, with further payback to come from new mobile product releases, refreshed marketing campaigns and efficiency gains. We now expect full year 2015 reported operating profit to be a mid to high single-digit percentage above 2014 and the consensus market forecast.”

The company is also looking forward to the benefits of new mobile product releases on over the coming months.

Photo: GotCredit