A Strong 2012 Performance from Paddy Power
The 2012 financial results for Paddy Power have just been released, and they show a strong performance from the Irish betting firm over the course of the last year. In fact, there are record levels of both profit and revenue reported in their results for 2012.
The profit before tax increased by a healthy 15%, to a record breaking level of €139.2 million. The firm’s net revenue shot up by 25%, with all of the divisions reporting an increase in revenue over the previous year. This has allowed a 20% increase in the divided, to 120 cents for each share.
The 4 new internet ventures which Paddy Power kicked off this year led to combined start up losses of a little over €20 million but as the year ended the balance sheet showed a net cash position of €209 million, which is reduced to €153 million when we take out the customer balances from it.
Live and Performing Well in Italy
In terms of their internet performance, the number of customers increased by 44% to 1.6 million, while this part of the Paddy Power operation yielded an extra 31% in revenue over the 2011 figures. In the foreign markets, one of their newest incursions is into the Italian online gaming sector. Here, they have managed to grab over 5% of the online sports betting action and have also sent their internet casino live in the last year.
Patrick Kennedy is the CEO and he said that it was “another strong year” for the Irish firm and he pointed out that the group turnover went up by 25%.
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