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The Power Of Paddy!

 

Updated : Mar 3, 2009

Bookmaker and Irish man Paddy Power has reported a 4% increase in pre-tax profits for last year to €79million. Earnings per share grew by 10% to 140.5 cent and a 6% higher dividend of 54 cent for the year will be paid. The results show that online betting profits jumped by 34% to €42.8m and accounted for more than 70% of the group's profits in the second half of 2008.

Chief executive Patrick Kennedy said the company had made a satisfactory start to 2009.
However, Sterling's weakness knocked €5m off Paddy Power's 2008 profits, while unfavourable sports results hit it for €9m.
Profits at its Irish betting shops fell by €6m to €28.3m, while it also warned that the introduction of betting tax would reduce profits by up to €7m in 2009. Paddy Power share prices closed 64cent higher at €11.64 in Dublin at the close of trading yesterday up almost 6%.

VeryHappyPig says sweet profit but I’d say VeryHappyPig will be better!

 

 

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