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Ireland’s biggest bookmaker, Paddy Power, has reported some of its biggest profits ever.
Shares in the company continued to surge on news that Paddy claimed €167 million in profits before tax and that it plans to return up to €392 million to shareholders.
The company’s net revenue increased 18% to €882 million with pre-tax profits growing 21% to €167 million. These impressive figures were helped by the number of bets placed at Paddy Power increasing by 16%. Online gambling makes up 77% of its overall business.
“2014 was an excellent year for Paddy Power with robust double digit growth in stakes, revenues and profits, and a marked increase in customer acquisition,” Paddy Power CEO Andrew McCue said. “We are strongly positioned in the key growth areas of online and mobile, whilst also benefitting from a differentiated and resilient retail presence. Our distinctive brands and deeply rooted marketing capability are core assets.”
- Aaron Goldstein, Gambling911.com
