In a statement presented at the company\’s AGM, Paddy Power Chairman, Fintan Drury, said turnover and gross win for the 19 weeks to May 9 have been strong across all channels.
Group turnover has increased by 25% in comparison to the same period last year. Turnover has increased by 19% in the retail channel, by 18% in the telephone channel and by 44% in the online sportsbook, excluding gaming. Gaming revenues, driven by the addition of poker, are 27% ahead of the levels achieved in the last 19 weeks of 2005.
The overall gross win percentage year-to-date is consistent with the group’s guidance, whilst at the lower end of expectations.
Product and geographical expansion in the online channel continued with the launch of ‘reverse’ auctions in January and a German language online sportsbook in April. Paddy Power also plans to launch an online bingo business during the summer.
Drury said the group remains confident that the outcome for the year will be in line with consensus market forecasts, assuming continued turnover growth in line with expectations and that the overall gross win percentage is consistent with the mid-points of the guided ranges for the remainder of the year.
Calculators
