Paddy Power net revenue up as chairman announces departure
Operator Paddy Power has announced a year-on-year group net revenue increase of 26% for the period from 1 January to 11 May, on the same day that it was confirmed that chairman Nigel Northridge is to step down as chairman on 30 June.
Net revenue from Paddy Power’s online operations rose 31%, which was aided by a 41% hike in online sportsbook net revenue, and net revenue from its Australian operations improved by 43%.
Group sportsbook net revenue went up 28%, while group sportsbook amounts staked ascended 21%.
Northridge will be leaving the position he has held since 2009, a role he was promoted to after serving as a non-executive director from 2003.
Gary McGann, who was appointed as a non-executive director in November, has been confirmed as Northridge’s replacement.
McGann has served as group CEO of paper-based packaging provider Smurfit Kappa since 2002.
Northridge said in a press release: “I would like to announce that I will stand down as chairman and as a non-executive director of Paddy Power plc at the end of the first half, now that the appointment and transition to a new CEO has been concluded and I have completed two three-year terms as chairman.
“I am delighted to announce that Gary McGann, who joined the board last year as a non-executive director, has agreed to assume the post of chairman when I step down. It has been a pleasure to have had the opportunity to serve on the board over the past 11 years.”
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