Paddy Power profits surge 57%

Bookmaker Paddy Power has announced that pre-tax profits for 2004 are set to be about €32.1m - 57% higher than in 2003.

Basic Earnings Per Share will be approximately 56.4 cent per share (2003: 36.97), the company announced today in a trading statement to the stock exchange.

In the six months to the end of June, the company produced record earnings on the back of strong gross win percentages.

There was a downturn in the fourth quarter, due to what the company said were " unfavourable sporting results", which adversely affected the gross margin for the year.

Gross win percentages for the year will fall within the guided annual ranges of 12% - 14% for retail, 8.5% - 9.5% for dial-a-bet and 7.5% - 8.5% for online sportsbook and no change to these ranges is being guided for 2005.

The Preliminary Results will be published during the week commencing February 21.