Paddy Power profits up

y Power have announced positive interim results for the first half of 2011.

The Irish bookmakers revealed their total operating profit for the six months ending 30 June was up 14% to €56.2m. This figure was aided by a 26% increase in the company’s online operating profits excluding Australia, and a 35% rise in Australian online operating profits. UK retail profits were up 59%, although Irish retail profits fell 44%.

The report also showed that active customers on paddypower.com were up 48%, while mobile sportsbook turnover rose by 279% to €157m, representing 22% of total sportsbook stakes.

“This has been a great first half for Paddy Power,” commented the firm’s chief executive Patrick Kennedy. “The excellent performance of the online division and the success of our mobile offering stand out. We have continued to experience strong growth in the UK Retail market and our Australian business has progressed well. Conditions in Ireland remain tough but our business is well positioned; we therefore remain confident in the prospects for the group in 2011 and beyond.”