25th of August 2010 Author: Johnny Karp
Latest business update shows that World Cup betting helped boost earnings
The UK online and land betting group Paddy Power reported in a trading update this week that it is on track for good 2010 full year results that will likely show a 30 percent rise in earnings.
The update notes that in the second half of its financial year the company benefiting significantly from betting on the football World Cup, which delivered a total gross win of Euro 18 million - over 400 percent up on Euro 2008 and the 2006 World Cup. Group pre-tax profit for the six months to June 30th rose 54 percent to Euro 52.5 million.
Chief executive Patrick Kennedy reported that the group had upped its financial game considerably with gross win up 117 percent to Euro 112 million and operating profit up 66 percent to Euro 36.1 million, with a particularly outstanding performance from online activities, which accounted for an impressive 73 percent of operating profit.
The update covered the acquisition of a controlling stake in Australia's Sportsbet, and the group's entry into the French market in a five year partnership with Pari Mutuel Urbain .
Australian operations appear to have been rewarding for the group, which reported an online gross win Downunder which soared 45 percent, and an operating profit of Euro 7.9 million.
Group players are spread across the UK (43 percent), Ireland (39 percent) and Australia (16 percent).
'The group's strengths - product innovation, better value for customers and brand differentiation - position us well for further growth,' chief executive Kennedy reported.
'We have significantly strengthened our online market position, ending the period with greater scale, more customers and enhanced capabilities, as well as substantially higher profits, compared to a year previously. At the same time, we continued to expand internationally, whilst increasing market share in retail.'
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