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Gambling

Online customers for Paddy Power double as profits grow

The bookmaker announced record profits of almost €140 million today.

BOOKMAKER PADDY POWER said it has seen its online customers almost double in two years as it announced record profits today.

The company’s profit before tax grew by 15 per cent to just over €139 million for 2012.

The operating profit was up by 8 per cent to €102 million, which the company said was up 27 per cent before investment in new ventures was taken into account.

Active customers grew to 1.6 million during the year.

Paddy Power said it had invested in its social media strategy over the year which had seen a twelve-fold increase in its number of Facebook fans and more than one million Twitter followers.

Chief executive Patrick Kennedy said it had been a strong year for the company.

“Our turnover grew by 25 per cent fo €5.7 billion as payback from ongoing investment continued to deliver growth across the Group,” he said. “Online goes from strength to strength”.

However he warned that current exchange rates could lead to a drop in operating profits of around €10 million this year.

Paddy Power plc had net cash on hand of €209 million – €153 million excluding customer balances – as of 31 December 2012.

Read: The next episode: Paddy Power open market on Team Off the Ball’s next move >

Read: Barcelona-Milan result costs punter potential £1m windfall >

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