Paddy Power bets on 27% profits growth

PADDY Power shares raced ahead by nearly 6.5% yesterday after the bookmakers said profits this year should be 27% higher.

The bookmaker said it had benefited from exceptionally favourable sporting results, particularly the number of outsiders winning at the major horse racing festivals.

“We have had good luck in the first five months of the year. Cheltenham and Aintree and Punchestown were all positive festivals for Irish bookmakers compared to last year,” chief executive Patrick Kennedy said.