Paddy Power revenue soars as chairman Nigel Northridge steps down

Irish bookmaker Paddy Power has reported strong top-line growth between January and May of 2015 and has announced its chairman Nigel Northridge will be stepping down.

The company, known for its humorous marketing strategies, said total net revenue was up by 35% in the first five months of 2015.

It added that the world of sports has thrown some unfavourable results its way but any damage caused "has been offset for Paddy Power by strong top-line growth, particularly in Australia".

Northridge, chairman of the company since 2009 and with the company since 2003, announced that he will be stepping down as chairman in July.

Northridge said that he will be leaving his post "now that the appointment and transition to a new CEO has been concluded and I have completed two three-year terms as chairman. I am delighted to announce that Gary McGann, who joined the Board last year as a non-executive director, has agreed to assume the post of chairman when I step down."