Paddy Power reports pre-tax profit record

By David Cook
Irish bookmaker Paddy Power has reported record pre-tax profits of €167m for the full year 2014, an increase of 21%.

That is one of a range of successful figures for the operator, as net revenue increased by 18% to €882m, while gross profit went up by 16% to €713.9m.

Operating profit also reached a record total, going up by 21% to €167m and retail operating profit in the UK, where Paddy Power opened 55 shops last year to expand its portfolio in the country to 322 sites, jumped by 50% to €21.2m.

EBITDA grew by 20% to €211.8m and dividends at the end of the year were up 13% to 152.0 cents.

Individual business units also showed improvement, with its online operation up 19% to €553m and Paddy Power noted that 55% of this total was collected via mobile activities.

Paddy Power CEO Andy McCue said: "2014 was an excellent year for Paddy Power with robust double-digit growth in stakes, revenues and profits and a marked increase in customer acquisition.

"We are strongly positioned in the key growth areas of online and mobile, while also benefitting from a differentiated and resilient retail presence.”

Paddy Power’s share price was up 9% to €72.71 on Tuesday morning.

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