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Paddy Power plc has posted its full year 2013 results
Tuesday March 4,2014 : ANOTHER STRONG YEAR FOR PADDY POWER
Online and mobile operations shine; now three-quarters of Paddy's profits.
The Irish online and land gambling group Paddy Power plc has posted its full year 2013 results, showcasing another good year for growth and returns.
High lights of the report include:
* Net revenue of Euro 745 million, up 17 percent with revenue growth in every division;
* Record profit before tax, up 5 percent to Euro 141 million;
* Diluted EPS up 2 percent to 252.0 cents, despite significantly adverse sports results in H2:13;
* Earnings growth impacted by a Euro 10 million headwind from new product fees and taxes, currency depreciation and the first full year of investment in Italy;
* Dividend growth of 13 percent to 135 cent per share for the year proposed, with an 11 percent increase in the final dividend to 90 cent per share;
* Operating profit up 10 percent to Euro 108.1 million;
* Strong balance sheet with net cash of Euro 172 million, excluding customer balances of Euro 57 million, at end 2013.
Operational highlights of the report include:
* Scale continues to increase significantly with net revenue up 21 percent to Euro 473 million and active customers up 19 percent to 1.9 million.
* Online (excluding Australia): active customers up 17 percent to 1.5 million and net revenue up 15 percent. Operating profit up 1 percent to Euro 73.5 million, including impact of first full year of Italian investment;
* Online Australia: active customers up 29 percent to 400,000 and net revenue up 28 percent. Operating profit up 25 percent to Euro 33.5 million;
* Mobile net revenue up 73 percent to Euro 212 million and an industry leading 45 percent of online revenue, with 69 percent of active sportsbook customers and 42 percent of active e-gaming customers transacting via mobile last (February) month.
* Mobile e-gaming net revenue up 143 percent driving leading e-gaming growth of 16 percent;
* Italian online business making strong progress with online sportsbook market share of 10 percent in the first two months of 2014, as compared to 5 percent at the start of 2013;
* Over 2 million combined Facebook Fans and Twitter Followers, more than double the level of Paddy's nearest industry competitor, contributing to marketing efficiency.
On the Retail side of the business:
* Increased market share in both Retail divisions with a record 67 shops opened in 2013 (57 UK, 10 Ireland);
* UK Retail like-for-like net revenue up 2 percent with machine gaming net revenue returning to growth in H2:2013.
* Operating profit of Euro 13.9 million, down Euro 900,000 driven by Euro 1.8 million headwind from a new gaming machine tax regime;
* Irish Retail like-for-like stakes up 3 percent to a record Euro 981 million. Operating profit decreased by Euro 400,000 to Euro 14 million, driven by unfavourable sports results, particularly at Cheltenham.
CEO Patrick Kennedy, commenting on the results Tuesday, said:
"2013 was another good year for Paddy Power, with growth in every division and particularly strong growth in online which now delivers over three quarters of Group profits.
"We continue to build our penetration in mobile sports betting and e-gaming: mobile net revenue powered ahead by 73 percent in 2013 and now accounts for over half of total online revenue. Investment in mobile will continue to be significant in order to take advantage of our market leading position and avail of its exceptional growth potential.
"This year has started well from a turnover point of view with sportsbook stakes up 16 percent, although sports results have been mixed.
"We're strongly positioned to benefit from the growth "hot spots" in our markets and are investing accordingly. As a consequence, we look forward to 2014 and beyond with confidence."
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