A sure bet as net revenues increase 17% to €745m

Paddy Power has said that pending tax and regulatory changes, particularly in the UK market, could lead to attractive consolidation opportunities, given that it will be in a better position to absorb higher tax costs than many competitors.

The betting services company yesterday delivered a strong set of figures for 2013; including a 17% increase in net revenues to €745m, a 2% increase in diluted earnings per share to 252c, and record pre- tax profits — in constant currency terms — of €141m; which were up by 5% on the previous 12 months.

While the company had previously suggested 2013 would mark the first time in four years that it had seen less than double digit percentage growth in operating profits, a total of €137.4m still represented growth of 4% in constant currency terms.