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PaddyPower net revenue up 38 percent
Tuesday November 18,2014 : BETTER EARNINGS PREDICTED AT PADDY POWER -
Group net revenue up 38 percent; increased FY 2014 earnings anticipated
The international land and online gambling group Paddy Power plc has posted a trading update for the period 1 July to 16 November 2014, reporting that it anticipates increased full year earnings.
Management reports that in the second half of the year to date, strong revenue growth has continued in all group businesses, which are benefiting from good top-line growth and favourable sports results.
Sportsbook stakes were up 18 percent online and 3 percent in retail on a like-for-like basis, with total Group net revenue up 38 percent, the report notes, adding that the directors of the company now expect mid to high teens percentage growth in earnings per share for the full year.
Examining the section devoted to online operations, it is clear that total online net revenue grew by an impressive 42 percent, comprising a 49 percent increase in sportsbook and 20 percent growth in eGaming/B2B.
Online stakes grew by 18 percent, 21 percent in Australia and 16 percent in Online (ex Australia), and Management boasts that Paddy Power leads the industry on penetration of the key mobile sector, with 58 percent of total online revenue from mobile devices in the period.
In Australia, Management reports strong momentum and increasing market share in the period. Online customer acquisition was up 23 percent, while active customers increased by 37 percent, with a strong performance at the recent racing Spring Carnival.
In the UK and Irish online business, Paddy Power.com, grew its sportsbook net revenue by 59 percent, benefiting from the largest year-on-year gross win percentage rebound amongst its divisions.
Notwithstanding this level of increased winnings from customers, sportsbook stakes grew by 14 percent. A strong performance from the company's mobile and proprietary product drove eGaming/B2B revenue growth of 19 percent.
Total active customers increased 33 percent with customer acquisition up 23 percent, boosted by the World Cup football competition in Brazil.
The company's Italian online business, Paddy Power.it, grew its net revenue by 72 percent in the period.
In retail [land] operations net revenue grew by 14 percent on a like-for-like basis, with Paddy Power opening 73 shops in the year to date, 53 in the UK and 20 in Ireland, bringing the company's total estate to 562 units.
Including new shops, sportsbook stakes increased by 15 percent and total net revenue by 31 percent.
In Irish Retail, the positive like-for-like stake and revenue trends reported since the start of last year continued with stakes up 4 percent and net revenue up 11 percent in the period.
In UK Retail, on a like-for-like basis, sportsbook stakes grew by 2 percent, sportsbook net revenue by 20 percent and machine gaming revenues were up 12 percent.
The Group's financial position remains strong.
As at 16 November, the Group had no debt and cash of Euro 279 million, or Euro 206 million excluding customer balances.
Since the Group announced the recommencement of its share buyback programme on 28 August, it has purchased 450,000 shares, or 0.9 percent of issued voting share capital, for Euro 23.3 million.
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