Paddy Power has announced a 21% increase to €68.7m in profits to the end of June.

The company allowed losses of €6.3m on four new online ventures.

Online betting, particularly on mobile devices, continues to grow from strength to strength, recording an increase of 41% in active customers.

Operating profit in Ireland increased 79% to €9m, although there was a fall in bets made.

The company is performing particularly well in the Australian market, recording an operating profit of €13.2m, an increase of 35%.

The company reported a strong performance in the UK, with operating profit rising 61% and 23 new shops opened thus far this year.The venture into the Italian market has provided a 4% market share.

Despite the strong results the share price fell 2.4% in early trade to €51.55.

Patrick Kennedy, CEO of Paddy Power Plc said that the first half of 2012 was a very strong half. He said that revenue had increased 29% and that each of the company's divisions had achieved double digit growth. He said he was confident in the group's prospects for the rest of the year and beyond.