Paddy Power Accounts Strong First Half Year Results to Euro 2012 Bets

Paddy Power’s impressive first half year results was boosted by Football bets and advertising during the Euro championships, along with online growth.

The Irish bookmaker reported on a strong first half to June 30, and said it was confident about the rest of the year and beyond.

The company took 78 million euros ($98m) in bets on the Euro 2012 championship alone.

Chief executive Patrick Kennedy told investors: “This has been a very strong first half for Paddy Power.

“Revenue growth in our existing businesses has accelerated with a 29 per cent increase and each of the divisions achieving double digit growth.

“We strongly promoted our brand, products and Money-Back Specials during Euro 2012.

“This contributed to a 50 per cent increase in online customer acquisition for the half year.

“We’ve also been busy on the development front with sustained investment, a successful launch into the Italian online market and three further new revenue streams set to contribute in the second half of the year.

“With our online and retail divisions both continuing to deliver substantial growth and our expansion plans progressing, we are confident in the group’s prospects for the rest of the year and beyond.”

The firm posted a 21 per cent increase in pre-tax profits to €68.7 million ($86.2m). The interim dividend has increased 30 per cent to 39 cents a share.