Paddy Power 2010 Interim Results Suprise City
Leading bookmaker Paddy Power today unveiled significant growth in earnings across its core business thanks partly to a great performance in the 2010 World Cup .
The Irish bookmaker enjoyed an exceptional World Cup tournament generating total gross win of E18M of which E12M was in the interim period .
Paddy Power are well known for their aggresive and often controversial marketing tactics but they offer many good value cashback offers and free bets to customers online and via their retail estate in the UK and Ireland .
The recent acquisition of two leading Australian online bookmakers , Sportsbet and IASBet has helped Paddy Power to increase the scale and breadth of it’s business internationally .
However the performance of the UK retail estate was a real suprise as Paddy Power reported a six fold increase in UK Retail operating profit to E3M at a time when most traditional UK bookmakers are finding trading conditions very difficult .
Paddy Power online had over 588 000 active customers in the period to June 30th and due to a higher than expected gross win margin of 8% this business generated an operating profit of over E36M .
Paddy Power expect the momentum in their business to continue and this morning the share price was up over 5% .