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Online operations was the saving grace for Paddy Power last year. Indeed, it made the biggest contribution to the company whose pre-tax profit took a dip. In fact, last year's results show a disappointing decline.
The online operations accounted for over fifty five percent and contributed Euro 577 million. The profits from this particular sector grew by over ninety percent.
Since the company launched its poker product last year, there has been a significant shift towards the online games.
The company now boasts an active online customer base of over seventy three thousand. This is sharply up from the previous year.
Patrick Kennedy, CEO of Paddy Power suggested that the group is planning an extension into Europe during 2006.
He mentioned they were being cautious about the American market. While the temptation to market their brand in such locals as New York and Chicago, nevertheless legal ambiguity and local growth management remain the top priorities.
Kennedy was happy to emphasize his group's online business growth describing it as the more integral details of the proposition.
Indeed, he boasted that the growth over the last few years in their online channel has stunned and impressed them.
He was also happy to detail the additional offerings of sportbooks through the telephone or internet, as well as their casino, gaming and poker products.
He described the fall in profits as a result of structural changes in the company's home market.
They recently appointed Jack Massey as their new financial director. Massey will be taking up his office in April. He has a reputation as an experienced executive. In the past he worked with the investment group ITG Europe.
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