Paddy Power’s profits down 15%

PADDY Power’s management has hailed 2009 as a year of development and evolution for the company, despite the bookmaker suffering a 15% fall in pre-tax profit and an 8% reversal in operating profit.

The company yesterday reported a pre-tax profit of €67.2 million for 2009, down from €79m for the previous 12 months, and an 8% fall in operating profit to €66.7m. Gross win from bets was, however, up by 8% to €296m and group turnover increased by 36% to just over €2.75 billion.

Chief executive Patrick Kennedy said that operating profit should significantly increase over the next few years. He pointed to the company’s expansion into Australia, its pending move into the French market, its biggest retail expansion in Britain in a single year and the ability to grow market share in each of its divisions as the successes of last year.