Bookmaker Paddy Power has reported pre-tax profits of €104.2m for the year ending December 2010, a jump of 55% compared to the same time last year
Revenues for the year were up 39% to €3.834 billion after the company reported an unusually high proportion of bookmaker-friendly results in the second half of the year.
The company said that almost two-thirds of Paddy Power's profits were generated outside of Ireland last year. It is now the third largest online bookmaker and sixth largest online gaming business in Ireland and Britain. Almost three-quarters of Paddy Power's profits were generated online last year.
This year saw a full contribution from its Australian operations and online gross win jumped by 88% to €250m. Online operating profits rose by 52% to €75m.
Paddy Power said its Irish retail division reported operating profits of €17.6m, up 8%, with the division making up 17% of its total group profits. Operating profits at its UK retail division saw an almost six fold increase to €7.4m and the company predicted that it will have more shops in the UK than in Ireland by 2013.
It also saw a strong performance in its Australian markets with operating profits of €19.5m reported there.
The company has proposed a 29% increase in the final dividend to 50 cent, which would increase the full year division by 28% to 75 cent per share.
'These are record results for Paddy Power, with increased profits for all divisions,' commented the company's chief executive Patrick Kennedy.
'They demonstrate the benefit of our ongoing business development initiatives and investment, which position the group well for further growth in 2011 and beyond,' he added.
'2011 has started well for the group with turnover up 16% and total gross win up 38% in the first two months versus the same period in 2010 in constant currency,' he said.
Shares in Paddy Power closed up 0.3% at €29.50 in Dublin.
