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Paddy Power profits soars

Mon, 07th Mar 2011 09:14

Irish bookie Paddy Power accompanied record results in all divisions last year with a 28% dividend hike.The firm produced record turnover of €3.8bn in 2010 and operating profit of €104m, while pre-tax profits rose from €67.2m to €104.2m.UK Retail operating profit increased almost six-fold from €1.3m to €7.4m. Irish retail operating profits by 8% to €17.6m. Online operations generated €250m of gross win and €75m of operating profit. Operating profit growth of €26m comprised paddypower.com growth of €12m and Australian growth of €14m."The year [2011] has started well. Turnover growth and sporting results have been strong, notwithstanding Australia being affected by severe adverse weather. Sportsbook amounts staked are up 16% and total gross win is up 38% in the first two months. This reflects the strong momentum in the Group, as well as a weak 2010 comparable. The group looks forward to 2011 and beyond with confidence," chief executive Patrick Kennedy said.The dividend for the year rises by 28% to 75c.

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Irish bookmaker Paddy Power said it intended to restart its buyback programme as it reported a 20% fall on pre-tax profit for first half of the year. The company's pre-tax profit fell to €61.6m (£49.02m) due to a run of unfavourable sports results as the "public had a field day". In January and M

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