PRE-TAX PROFITS UP 53 PERCENT AT PADDY POWER

7 March 2008

Revenues break Euro 2 billion barrier at Irish bookie - and a star performance from onlince division


Irish on and offline gambling group Paddy Power has reported 2007 pre-tax profits up 53 percent to Euro 75.8 million, with a sterling performance from the company's online division, and annual revenues up 13 percent, exceeding Euro 2 billion for the first time.

Operating profit rose 59 percent to Euro 72.1 million with online gross win rising 41 percent.

Chief executive Patrick Kennedy said there had been huge growth in online gambling, with profits up 36 percent and gross win - the amount backed minus the amount returned - doubling in the past two years.

He said profits were divided almost 50-50 between betting shops and Internet gambling, but the retail business was still strong, and Paddy Power added 18 new shops last year.

Kennedy said the group's UK betting shop business traded profitably for the first time last year, and it now planned more shops in Glasgow and Manchester, in addition to its existing London base.

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