Paddy Power reports revenue growth of 23%
Bookmaker Paddy Power has said its overall performance over the last few months was in line with expectations, with “strong growth” in net revenue.
The group reported a 23 per cent increase in net revenue between July and November, behind analysts estimates of 26 per cent.
The Irish retail side of the business performed well with like-for-like stakes up 0.4 per cent and net revenue up 8 per cent.
Activity levels outside of Australia were held back by a number of factors, including weather-related racing cancellations and the Olympics, the company said in an interim management statement.
In Australia, online turnover was up 24 per cent, with no slowdown in growth compared to the first half of 2012.
Paddypower.comrevenues were 5 per cent behind, driven by slower gaming growth though Sportsbook was 2 per cent ahead.
Despite a competitive high-street environment, UK retail performed well with like-for-like net revenue up 5 per cent, driven by strong Sportsbook growth of 12 per cent.
The company said it now expects to open up to 45 new shops in the UK in 2012.
Last month, the bookmaker announced it was to create 610 jobs in Dublin to support the company’s international online expansion.
The jobs – in ecommerce, technology, social media, quantitative research, risk-management and online marketing – would be filled by the end of 2015, the company said.
The new jobs will bring total employment at Paddy Power in Ireland to 2,783. The bookmaker is planning to accelerate expansion into overseas betting markets.