Paddy Power sees profits surge 56%

PADDY POWER has reported record results for 2010 — with operating profit up by 56% at €103.8 million — and the company said 2011 has started strongly.

The bookmaker said that profits increased across all of its divisions last year, including its Irish retail operation, where growth of 8% was recorded. Group pre-tax profits went from €67.2m to €111.3m.

As much as 64% of the company’s profits are now generated outside of Ireland — up from just 12% seven years ago — and profits were up by €15m at its Australian subsidiary, Sportsbet (in which it upped its stake to 100% before Christmas) and by over €6m in its British division. There, the company opened 31 shops last year and said it remains on course to have 150 operating by the end of this year. Nine new shops opened in Ireland and more are likely to be opened this year, bucking the trend of closures amongst much of its domestic competition.