Paddy Power pays executives €1m in bonuses despite profits falling 8%

PADDY POWER paid out nearly €1 million in bonuses to executive directors last year, despite the company suffering a 15% fall in pre-tax profit and an 8% reversal in operating profits.

An annual bonus of €500,000 on top of a salary of €678,000 contributed to chief executive Patrick Kennedy’s total remuneration going from €1.39m in 2008 to €1.42m last year. Finance director Jack Massey’s package was up marginally at €555,000 but he received a bonus of €168,000. Managing director of non-retail activities Breon Corcoran received a bonus payment of €280,000, which pushed up his total package by €8,000 to €827,000.

Despite the disappointing nature of the company’s results, management described 2009 as a year of development and evolution and said that profits would be boosted by its growing international presence in Britain, Australia and France. Paddy Power will hold its annual general meeting next month.