Paddy Power pre-tax profits up 55%

Bookmaker Paddy Power today posted a 55% increase pre-tax profits for full-year 2010.

In preliminary results released today the company said profits before tax for the 12 months to end December were €104.2m, compared to €67.2m in 2009.

Revenue for the period was up 39% to €3.834bn, while operating profit grew 56% to €103.8m.

“These are record results for Paddy Power, with increased profit in all divisions." said Chief Executive Patrick Kennedy.

"They demonstrate the benefit of our ongoing business development initiatives and investment, which position the Group well for further growth in 2011 and beyond."

The company posted particularly strong performance in its online division, with gross win of €250m from online sales, an increase of 88% on 2009.

“All told, almost three quarters of Paddy Power’s profits were generated online last year,” the company said.

The company also reported strong performance from its Australian division, with online gross win up 44% and operating profit of €19.5m, while operating profit from its UK Retail arm increased almost six-fold to €7.4m.

Almost two thirds of Paddy Power’s profits were generated outside of Ireland in 2010, the company said.

Chairman Nigel Northridge said the group looks “with confidence” to the rest of 2011 and beyond.