Irish bookmaker Paddy Power sees 21 pct increase in pre-tax profits

Irish bookmaker Paddy Power saw a record annual pre-tax profit of 167 million euros (186.92 million U.S. dollars) last year, up 21 percent compared to a year ago, according to the company results released Tuesday.

The company said its revenues for 2014 rose by 18 percent to 882 million euros.

It said its operating profit in online gambling increased 21 percent to 126.6 million euros, adding that its mobile net revenue accounted for a leading 55 percent of online revenue, with 77 percent of active sportsbook customers and 45 percent of active eGaming customers transacting via mobile in December.

Its Irish retail operations recorded a 15 percent increase in operating profit to more than 15 million euros, while its British retail operations saw operating profits of 21.2 million euros for last year, up 53 percent from 2013.

It now operates 243 shops in Ireland and opened a total of 20 new shops last year. In the British market, the company runs 322 shops, with 55 new shops opened in 2014.

The company said 2014 was an "excellent" year with robust double digit growth in stakes, revenues and profits, and a "marked" increase in customer acquisition.

"We are strongly positioned in the key growth areas of online and mobile, whilst also benefiting from a differentiated and resilient retail presence," said the company's chief executive Andy McCue.

"This year has started well, including a positive impact from recent euro depreciation," he said. ( 1 euro = 1.12 U.S. dollars) Enditem