Paddy Power delivers in trading update

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 percent increase in net revenues.

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

– Australia – online – Total stakes increased by 43 percent and net revenue by 33. New customer acquisitions increased 22 percent 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 percent and total net revenue by 7 percent.

– UK Retail delivered a 5 percent 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 percent on a like-for-like basis.

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

– Net debt stands at Euro 96 million.