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Paddy Power Releases Positive 2011 Financials

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Irish land and online betting and gaming group Paddy Power has released its
interim 2011 financial results
, which showed a 16 per cent increase in its
gross profits to €428.2 million, which it attributed to a vast improvement in
its online operations.

As per Paddy Power’s 2011 financial results, its online division reported a
whopping 29 percent increase in operating profits to €74.3 million, excluding
revenues generated from its Australian igaming business, which was boosted by 17
percent year-on-year to €22.8 million.

In 2009 Paddy Power Made Plans for Big Online Growth

According to a statement from Paddy Power, in the 2009 the Irish gaming giant
laid ‘important foundations for online growth’ by growing its
business-to-consumer business into Australia through acquisition, as well as by
setting up business-to-business gaming services in France.

Paddy Power’s net revenues for 2011 saw a 17 percent increase over the previous
year to €499.3 million. Before tax, the group’s profits for the financial year
2011 rose by 16 percent to €121.2 million, aided by a 19 percent increase in the
total amount wagered by players to €4.55 billion year-on-year.

However, Paddy Power’s net cash for 2011 dropped by €23 million to €136 million.
The group stated that 53 percent of its 2011 operating profits were generated
from the lucrative UK market, 27 percent from Ireland and the rest of the world,
and 19 percent from Australia.

Said Paddy Power CEO, Patrick Kennedy, ‘These results demonstrate the strides
we’ve made in building an international business of scale in regulated markets.
Online markets are growing at pace and Paddy Power continues to invest
aggressively in talented people, product and technology to capitalise on this
dynamic market.

‘Our class-leading mobile product, married to the strength of our brand and
strong value offering, has driven acquisition and retention leading to 1.1
million active customers online,’ he said.

The Irish Firm has Seen a 40% Growth in Active Customers

According to a Paddy Power statement, in the two years since it has been
focusing on growing its online business, the firm has seen an average annual
growth of 40 per cent in terms of active customers, as well as a 33 per cent
increase in operating profits and a 41 per cent increase in net revenues,
compared to its 2009 financials.

‘We calculate this has made us, by revenues,
the number-one online bookmaker in the British and Irish markets and the
number-one online corporate bookmaker in Australia. This significant growth in
scale has allowed us to invest aggressively in both existing and new
capabilities in order to drive future performance,’ read the statement.

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