Paddy Power Delivers In Trading Update

PADDY POWER DELIVERS IN TRADING UPDATE

17th November, 2015 at 12:04:03
Source: http://www.azonlinecasinos.com

Despite unfavourable sports results and a tough comparative year.

Paddy Power's interim trading report for the period July 1 to November 15, 2015 delivers strong underlying growth despite unfavourable sports results.

The company said strong top-line momentum had continued during the second half in line with the Board's expectations leading to their continued expectation of a mid to high single digit percentage increase on 2014's operating profit.

Key performance indicators (in constant currency) for the period ending November 15, 2015 include:

- Consolidated sports betting stakes up 29 percent, and a 5% increase in net revenues.

- A 23% increase in online sports betting stakes and a total net revenue increase of 7 percent.

- Australia - online - Total stakes increased by 43% and net revenue by 33. New customer acquisitions increased 22% in the post-World Cup period. Telephone, which is predominantly a betting-in-running channel, grew stakes by 38 percent.

- UK and Irish online business - total net revenue decreased by 9 percent, new customer acquisition was up 20 percent, sportsbook stakes increased 11 percent, and eGaming revenue grew 6 percent.

- Italy - Online - Revenue increase of 3 percent, driven by strong growth in eGaming.

- Group Retail, sports betting stakes grew by 12% and total net revenue by 7 percent.

- UK Retail delivered a 5% like-for-like growth in sportsbook stakes. However, like-for-like sportsbook net revenue decreased by 8 percent, attributed to adverse sports results. Machine gaming net revenue grew 6% on a like-for-like basis.

- Irish Retail like-for-like stakes grew 8% and net revenue by 4 percent.

- Net debt stands at Euro 96 million.

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