Paddy Power odds on for success as half-year profits rise
On target: Nicklas Bendtner revealed his Paddy Power 'lucky pants' during a goal celebration
Positive sporting results and a trend towards online betting helped boost half-year profits at Paddy Power.
The Irish bookmaker said pre-tax profit rose to £54.5million in the six months to June 30, up from £44.6million a year earlier.
This despite the business forking out £4.9million on four new online ventures including its Italian launch and a 74 per cent increase in marketing to take advantage of gamblers betting on June’s Euro 2012 football tournament.
The firm increased the interim dividend by 30 per cent to 39 cents per share.
Chief executive Patrick Kennedy said: ‘This has been a very strong first half for Paddy Power. We strongly promoted our brand during Euro 2012. This contributed to a 50 per cent increase in online customers for the half year.’
The firm’s profile was boosted even further when Danish footballer Nicklas Bendtner revealed his Paddy Power ‘lucky pants’ during a goal celebration.
‘Not even the most money-hungry WAG could have been as delighted as we were to see Bendtner’s jocks,’ the company added.
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