Paddy Power Raises Full Year Guidance on Better Second Half
(Reuters) - Paddy Power Plc said it expects mid- to high-teens percentage earnings per share (EPS) growth this year, up a touch on its prior forecast as sports results rebounded as expected in the second half of the year.
The Irish gambling company saw operating profit fall sharply in the first half on what it described as a "horrific run of sports results" but said that things had already improved by August and that it expected mid-teen percentage EPS growth.
Revenues since the end of June were up 38 percent year on year compared to growth of 7 percent in the first half, the bookmaker said in a trading statement on Tuesday, citing good top-line growth and favourable sports results.
The growth was driven by a 42 percent rise in online revenue and a 14 percent rise in its retail division as it opened 73 shops mostly in Britain so far this year to bring its presence on the Irish and British high streets to 562 outlets.
Paddy Power, which has more than doubled its annual profits since 2009 through overseas expansion and a stronger online performance than its rivals, said 58 percent of its online revenue came from smartphone and tablet betting in the second half of the year.
