Paddy Power profits soar 57% to E32.1m

PADDY POWER bookmakers have shrugged off a losing streak in December, saying 2004 profits had risen by 57%.

Following profit warnings from the British bookmaking chains Stanley's and William Hill, Paddy Power said its profits for 2004 increased by 57% to E32.1 million.

In the first six months of 2004, the company made E18.7m in profits, meaning a profit of E13.4m in the second half of the year roughly the same as it earned in the second half of 2003.