Paddy Power has tasty profits
7th September, 2007
In the first half of 2007 Paddy Power has doubled its net profit, making it €40.8 million, compared to €19.6 million last year. This amazing profit increase is not expected to fall in the second part of the year, which brings the predicted profit to an astonishing €68 million.
Paddy Power has its finger in all of the online gambling cakes at the moment, which makes it four different web sites under the same umbrella: Paddy Power Casino, Paddy Power Poker, Paddy Power Bingo and Paddy Power Bookie.
Paddys management explains such success by the “market improvement” in the UK business performance, as last year (2006) their profits made a loss of €6 million for them. It turned out that the company’s retail estate had the biggest growth in the first half of 2007, which is 131%! The online together with the telephone business had a net growth of 53%.
So, Paddy must have some Power to be able to pull itself out of the last years loss and make such a dramatic difference during this year so far. They must be doing something right, that’s making their business up on revenue in such a drastic respect.
