Paddy Power profits soars

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.