Profits of €56m due to online business

BOOKMAKER Paddy Power yesterday reported a healthy pre-tax profit in the first half of 2011 of €56 million, an increase of 15% on last year.

The results show a whopping 81% of profits came from online activities — 73% from international activities.

But the severe impact of the recession on the home front here was revealed by chief executive Patrick Kennedy, when he said their operating profits were down by 44%.