Paddy Power on track to achieve €75m profits

IRELAND’s dominant bookmakers chain, Paddy Power, has said it is on course to achieve operating profits of about €75 million this year.

This figure is in line with the company’s previous guidance levels for the year and analyst forecasts, and assumes “a normal run of sporting results over the remainder of the year”. It also takes into account the effect of the deteriorating economic conditions here and in Britain.

Operating profits of the amount forecast — the depreciation of sterling against the euro is expected to reduce the company’s profits by about €5m this year — would see Paddy Power generate earnings per share growth of 10% this year.