Paddy Power Full-Year Profit Rises

reported an increase in its profit for 2014. Paddy Power's pretax profit for the year climbed to 167 million euros ($189.5 million), versus a year-ago profit of EUR141.0 million. Its net revenue surged 18% to EUR882 million. Paddy Power's operating profit from its Irish retail operations jumped 15% to around €15 million, while operating profit from its UK retail operations climbed 53% to €21.2 million. The company's full-year dividend climbed 13% to €1.52 per share. The company also plans to return EUR8.00 per share in cash to shareholders. Andy McCue, Chief Executive, Paddy Power plc said, "2014 was an excellent year for Paddy Power 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 benefitting from a differentiated and resilient retail presence. Our distinctive brands and deeply rooted marketing capability are core assets."