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Paddy Power profits up 12 per cent in first half of 2013

A battering at Cheltenham hit betting shops, but betting firm Paddy Power has still made €77 million in profit so far this year.

BOOKMAKERS PADDY POWER have reported strong earnings for the first six months of the year.

The company made a pre-tax profit of €77 million up to 30 June, on the back of strong growth in their online operations. That represents a 12 per cent rise in profits.

The company says that online revenue is up 26 per cent, with profits of €42 million from their web operations. Added to that, mobile revenue jumped over 100 per cent to €104 million.

In stores, Irish betting shops have seen retail profits drop by €1.5 million, even with increased betting. The company says that this is down to “unfavourable sports results, particularly at Cheltenham”.

The company’s chief executive Patrick Kennedy says that they are confident of continuing these results.

“Despite very poor recent sports results, we are on track to achieve low to mid double digit operating profit growth in constant currency in 2013.   The board is confident of the Group’s prospects for the balance of the year and beyond.”

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