PADDY Power has announced that its revenue has surged by 20 per cent in the first quarter of this year.
The increase, which was revealed at the happy-go-lucky bookmaker’s annual meeting in Dublin, is driven by 29 per cent growth in online revenue and 8 per cent growth in retail revenue.
The company, which has opened 17 new shops in Britain and six in Ireland since May 2012, also revealed that the strong growth experienced last year has continued into this year.
The bookmaker has benefited from on-field results going in its favour, with chairman Nigel Northridge saying: “In fact, football results were so good that we could afford to pay out on Man United as Premier League winners in early February!”
But the company said revenue has declined in Ireland due to a return to what it called “normal sporting results”.
Paddy Power said it is continuing to invest in Italian online operations and noted that its online sportsbook market share increased to six per cent in the first quarter of 2013.
It has also expanded its gaming product range in the last two months by rolling out new online games and live casino offerings.
Mr Northridge added: “In 2012 Paddy Power achieved record turnover of €5.7 billion and operating profit of €136 million … the group’s strong growth has continued into 2013, in line with our expectations.”