Paddy Power up despite profit fall

BOOKIES chain Paddy Power was the biggest upward mover on the Irish stock market yesterday, despite showing a drop of €13 million in first-half pre-tax profits to €34m.

Shares in the ambitious company – set to be the only betting firm not to close shops in its Irish-based retail portfolio this year – rose by 6.72%, or €1.28, to €20.33, on a day when the combined value of the ISEQ fell more than 1%.

Chief executive, Patrick Kennedy, called the first-half period “a great start to the year for punters and a positive start for Paddy Power.”