Paddy Power warning over profit

Paddy Power has reported record annual pre-tax profits of €139.2m for 2012, but has warned that exchange rate patterns could hit its operating profits by around €10m this year.

Overall, 2012 was one of continued strong performance growth for the Dublin-headquartered gaming giant.

The pre-tax profit figure represented growth of 15%; operating profit was up by 8% to over €102m; group net revenue of just under €654m was up by 25% in constant currency terms; earnings per share rose by 17% to 248.1c; the dividend per share increased by 20% to 120c on the back of a 16% recommended increase in the final dividend to 81c; and the company’s net cash reserves went from €153m to €209m.