Bookmaker Paddy Power has reported pre-tax profits of €56.8m for the first half of this year, up 15% on the same period last year.
The results were boosted by a strong performance from its online business, where profits rose by 25% to €45.3m. Just over 80% of the group's profits now come from online betting, while 73% of profits come from outside Ireland.
Turnover on mobile phones jumped by almost 300%, while profits in Paddy Power's Australian business rose by 25% to €9.8m.
Profits in its 151 UK betting shops rose by almost 60% to €4.7m. The group expects to open 35 to 40 shops a year in the UK.
But operating profits in its Irish shops fell 44% to just over €5m, hit by unfavourable sports results - especially from Cheltenham - and an 8% drop in the average stake to just over €17. Chief executive Patrick Kennedy said the Irish market remained tough.
Paddy Power said it took 'a right bashing' at Cheltenham, had a 'bruising' Royal Ascot and also took a €3m hit from refunding losing bets on the Champions League final. This led to its gross win margin on sports events - the difference between the amount staked and the amount won - 0.4 to 0.5 points behind expectations.
Paddy Power is increasing its interim dividend by 20% to 30 cent per share. It said the second half of the year had started well.
The company's share price closed down 2.3% at €34.69 today, though the results were generally well received.
