Paddy Power shareholders to land €392m

Betting giant Paddy Power plans to return €392m to shareholders this year as it looks to cater for surplus cash in the face of a lack of attractive acquisition and investment opportunities.

The company will make the €8-per-share payment in addition to a total dividend for last year of 152c per share, up 13% on the previous year.

The firm reported a record set of annual results for 2014. Shareholders will vote on the capital return plan at the company’s AGM in May.

Chief financial officer Cormac McCarthy said management is very confident that the capital return will not compromise the group’s growth.

Last year also marked the first time that amounts staked over-the-counter in the firm’s Irish shop network exceeded the €1bn mark in a single year.