Paddy Power profits from Australia expansion
http://www.bbc.co.uk/go/rss/int/news/-/news/business-12662809 Version 0 of 1. Irish bookmaker Paddy Power has reported a 55% rise in annual profits, helped by its expansion in Australia. Pre-tax profits rose to 104.2m euros (£89.6m; $145.6)) in 2010 from 67.2m euros in 2009, <a href="http://www.paddypowerplc.com/uploads/documents/paddy-power-plc-2010-preliminary-financials.pdf" >the company's results statement revealed.</a> The 2010 figure included a full year's contribution from Australian betting company Sportsbet. Paddy Power first bought 51% of Sportsbet in 2009 and took full control of it in December 2010. Paddy Power said that almost two-thirds of its profits last year were generated outside of the Republic of Ireland. It added that 2011 had started well, with turnover in the first two months up 16% on the same period a year earlier, and said it looked forward to the rest of the year with confidence. |