Paddy Power has revealed a 16% growth for 2011 (profit before tax) with the major contributors being their online and mobile products.
There was an impressive 40% increase in the proposed final dividend to €0.70 per share. This is a 33% dividend growth to €1.00 per share. In terms of their balance sheet, they have no debt and cash of €136 million. 79% of operating profit comes from their online operation which shows how important it is. Furthermore, now 74% of its customers are from outside Ireland.
The number of active online customers has increased by a whopping 35% to 1.1 million active customers. As a result, net revenues are up 26% to €295 million. Active customers increased 41% with net revenues up 30% to €199 million. Overall, operating profits were up to €74.3 million (an increase of 29%).
Paddy Power started to focus in Australia in 2011 – as a result, online stake increased by 15% overall including a 23% growth in the second half of the year. Operating profit also rose 17% to €22.8 million. In terms of the biggest area of growth, the mobile product delivered. Net revenues increased 299% to €43 million.
Patrick Kennedy, who is the Chief Executive of Paddy Power PLC, said that the results “demonstrate the strides” they’ve made in “building an international business of scale in regulated markets”. He said that “online markets are growing at pace and Paddy Power continues to invest aggressively in talented people, product and technology to capitalise on this dynamic market”.
Patrick then said that their “class leading mobile product, married to the strength of our brand and strong value offering has driven acquisition and retention, leading to 1.1 million active customers online.” They do a very good job to be fair.
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