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Paddy Power shareholders get windfall after record profits

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Paddy Power

Paddy Power

Paddy Power

Paddy Power shareholders are set for a €8 per share windfall after the bookmaker reported record profits of €167m for 2014, a 21pc increase on the previous year.

The company is returning €392m in cash to shareholders.

Paddy Power said its net revenue was up 18pc, fuelled by a strong performance in its online and retail businesses.

New online customers rose 28pc, while in Ireland operating profit at the bookmaker's retail arm rose by 15pc.

Chief executive Andy McCue said 2014 was "an excellent year".

"As I look ahead, the pace of change in the sector and in the wider consumer environment is intensifying...time and again we see that product is the key factor in attracting and retaining customers," Mr McCue said.

"We have re-organised the business to significantly sharpen our focus on product differentiation and innovation, and to increase in-house development."

Online Editors