Paddy Power profits up 56.6%

Irish bookmaker Paddy Power today announced record turnover, operating profit and earnings per share for 2004.

Profit after tax was €27.5m, up 56.6% from last year's €17.6m. Final divident is 12.52c , up 45.7% from 8.59c last year.

Paddy Power boss John O’Reilly said: "While all strands of the business performed well, I am particularly pleased that the online business has come of age."

Finance director Ross Iver added: "When you have a business that’s producing almost 60% profit growth in the year, you have got to be happy."

This is the 16th consecutive year of turnover growth at the bookmaker and, with the exception of one year when there was significant start-up costs associated with the introduction of the online service, the 16th consecutive year of earnings growth.

The company said today that: "Favourable results (if you are a bookie) generated a bumper first half for Paddy Power, well ahead of everybody’s expectations. Then, with the pendulum swinging back to punters, second half earnings were flat on 2003."

The success of Paddy Power Casino, virtual games and peer-to-peer games in 2004 has had a significant positive impact on growth.

While its operations in Ireland are core, Paddy Power said today: "Our success in the UK will see it become an increasingly significant part of the group". The bookies has 143 retail outlets in Ireland and 31 in the UK.

Paddy Power emplys 1,200 people, with plans to hire more in 2005.