Paddy Power profits increase

BOOKMAKER Paddy Power is expected to report a 13.5% rise in pre-tax profits today despite laying losing bets during a winning run for punters at Cheltenham and Aintree.

The company is one of a number of online bookmakers targeted by hackers who are threatening to shut down sites that refuse to pay them money.

NCB Stockbrokers David Odlum, who maintains a buy recommendation on Paddy Power shares, said their results estimates for 2003 should show turnover up 39.2% (year-on-year) to €937.6m, with fully diluted earnings per share (EPS) and profit before tax (PBT) of 33.8c (+16.5% year-on-year) and €20.2m (2002: €17.8m) respectively.