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Business News

Online betting powers Paddy's progress

Paddy Power, the Irish bookmaker, is celebrating a bumper year and has told its annual meeting in Dublin that revenues are still surging.

Revenues are up 20 per cent in 2013 so far, driven by 29 per cent growth in online revenues, while the high street arm is also up, 8 per cent, defying predictions that the shops will soon be history. Its chairman, Nigel Northridge, said: "In 2012 Paddy Power achieved record turnover of €5.7bn and operating profit of €136m … and the group's strong growth has continued into 2013, in line with our expectations."

Paddy has cash on hand of €238m (£202m) to fund expansion plans.