Paddy Power posts record pre-tax profits of €141 million

Bookmaker Paddy Power has reported record pre-tax profits of €141 million for 2013, on the back of increased revenue growth in every division.

The company said its revenues for the year to the end of December grew 17 per cent to €745 million, while profits before tax were up 5 per cent.

It reported dividend growth of 13 per cent to 135 cent per share for the year, with an 11 per cent increase in the final dividend to 90 cent per share.

Mobile revenue climbed 73 per cent to €212 million, while online revenues were up 21 per cent to €473 million. The company grew its active online customers by 19 per cent to 1.9 million during the year.

Paddy Power chief executive Patrick Kennedy said 2013 was another good year for the Irish listed bookmaker with growth in every division and particularly strong growth in online.

“Investment in mobile will continue to be significant in order to take advantage of our market leading position and avail of its exceptional growth potential.”

He said 2014 has started well from a turnover point of view with sportsbook stakes up 16 per cent, although sports results have been mixed.