Paddy Power Goes from Strength to Strength in 2012 Thanks to Online Technologies
By iSportconnect | March 5, 2013
Bookmaker Paddy Power recorded large increases in tax and revenue in 2012 due in part to increased usage from online customers.
Pre-tax profit increased by 15% to a record £120m ($182m), buy cialis whilst revenues rose 31% to £562.8m ($853m).
One of the main reasons for the increase said Patrick Kennedy, chief executive of Paddy Power, was that online had gone from ‘strength to strength.’
Paddy Power saw an increase of 44% in their active online customers, which goes up to 1.6m users.
“The adoption of mobile across our markets, combined with our e-commerce capabilities, technology and brand, means we now have nearly twice as many active online customers than we had in 2010,” said Kennedy.
Net revenues from online users were up 31% to £353m ($535m), with mobile devices showing a huge increase of 185% to £111m ($168.2m).
Paddy Power did note however that if current exchange rates continued, operating profits would be reduced by 10%.
This is a result of the pound and Australian dollar being weakened against the euro since July.