Their profit before tax amounted to €121.2 million which shows a growth of 16%. There is also a 40% increase in the proposed final dividend to 70 cents per share which implies a full year dividend growth of 33% to 100 cents per share.
Paddy Power have shown a strong balance sheet which includes no debt and cash reserves of €136 million. 79% of their operating profit has derived from their online activities with 74% from customers coming from outside Ireland.
In terms of their online operations, active customers have gone up 35% to 1.1 million. Net revenue is up 26% to €295 million. As a result, operating profit is also up 26% to €95 million. PaddyPower.com also showed growth with active customers increasing by 41% with net revenue up 30% to €199 million. Operating profit was up 29% to €74.3 million.
Operations in Australia increased with online stakes up 15% (7% growth in the first half of the year and 23% growth in the second half). Operating profit was also up 17% to €22.8 million. The mobile product was promising too as their net revenues rose dramatically by 299% to €43 million.
Speaking of the promising results for 2011, Patrick Kennedy (Chief Executive at Paddy Power) said:
“These results demonstrate the strides we’ve made in building an international business of scale in regulated markets. Online markets are growing at pace and Paddy Power continues to invest aggressively in talented people, product and technology to capitalise on this dynamic market. Our class leading mobile product, married to the strength of our brand and strong value offering has driven acquisition and retention, leading to 1.1 million active customers online.”
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