Results starting to turn for Paddy Power

Irish bookmaker Paddy Power's results last year reflected how well the punters did with profits lower despite revenues rising slightly. The bookie says things are more even this year, despite the bad weather hitting the number of events.Profits in 2009 fell 18% to €67.2m including one-offs, despite gross win or income in 2009 rising by 4% to €295m. Earnings per share fell to €1.22 from €1.46. The amounts staked rose by 31% to €2.75bn, with the win percentage down from 11% to 8.5%.Paddy blamed the profits drop on increased concessionary activity and an exceptionally punter-friendly run of sporting results, particularly in comparison with 2008. This reduced the gross win percentage by a further 1.5% compared to 2008 and 0.9% below normal expectations, it said.Trading in the year to date has been satisfactory, it added. Adverse weather in January led to racing cancellations and impacted turnover but this was offset by favourable sports results. The board remains confident of the group's prospects and has upped the dividend for the year by 8% 58.4c.