LONDON (Alliance News) - Irish bookmaker Paddy Power PLC on Thursday said 2015 has started well for the company, with strong top line growth for the business, particularly in Australia, offsetting the same unfavourable sporting results which have eaten into results of most London listed gaming companies.
Paddy Power said total sports betting stakes increased by 21% in the year to May 11, with net revenue rising by 26% overall and by 28% for sports betting. Online sports betting stakes rose by 24%, with total net revenue in the division rising by 36%. In its retail business, sports betting stakes grew 14% in the period, with total net revenue rising by 21%.
The group said that while sports results have improved year-on-year, they were below its expectations. Including currency movements, particularly the weakness of the euro, group net revenue was up 35%, with the depreciating euro helping to offset the impact of new taxes and regulations on the sector.
In addition, the company said Chairman Nigel Northridge is to step down from his role and will be replaced by Gary McCann, who joined the company last year as a non-executive director. Andy McCue remains chief executive officer.
Paddy Power shares were up 1.8% to EUR78.96 on Thursday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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