Paddy Power has said its group net revenue is up 20% so far this year on the back of 29% growth in online revenue and 8% growth in retail revenue.

In an interim management statement ahead of its AGM in Dublin today, the company said that its strong growth of 2012 has continued into this year - in line with its expectations.

It said its Irish retail operations performed well with like for like stakes up 3%, although revenue declined due to a return to what the company called ''normal sporting results''.

The company opened six new shops in Ireland in the year to May 12, while it also opened 17 in the UK.

Paddy Power said its UK retail division also performed well with like for like net revenue up 2%, with strong sportsbook growth offsetting a decline in machine gaming.

The company said that its online division benefited from the inclusion of Italian activity, which added 3% to its net revenue growth. It said it continues to invest in its Italian online operations and it noted that its online sportsbook market share increased to 6% in the first quarter of the year.

It also expanded its gaming product range in the last two months with the rollout of online games and live casino offerings.

''The board looks forward to the remainder of 2013 with confidence given the strong momentum in the business and substantial ongoing investment,'' the trading statement concluded.

See how Paddy Power shares performed in Dublin