PADDY Power yesterday blamed a series of difficult-to-call sporting events for a year-on-year drop in profits.
It reported turnover of €2.7bn (£2.5bn) but Ebitda dropped eight per cent year-on-year to €67.2m. The firm blamed the drop on a tough year for predicting sporting results. It said Cheltenham was particularly difficult to predict and its decision to refund bets on Ireland beating France to get through to the World Cup hit its bottom line. However, it predicted a return to profit growth this year.
It said 85 per cent of its operating profit came from the internet. Its market share in the UK is around 10 per cent online and one per cent on the high street.
It also expanded its operations in Australia with the acquisition of Sportsbet, increasing its market share there by 74 per cent.
Chief executive Patrick Kennedy said: “The year saw a slew of punter-friendly sporting results which was the exact opposite to the experience of the prior year.
“We drove up turnover and enhanced market share across all channels by competing aggressively and attracting and retaining a record number of customers.”