Paddy Power announces 25% rise in turnover

Paddy Power has announced a 25% rise in turnover for the year up to May 9.

Paddy Power has announced a 25% rise in turnover for the year up to May 9.

At the Company’s Annual General Meeting, chairman Fintan Drury said: “For the 19 weeks to May 9, 2006, turnover and gross win growth has been strong across all channels.

“Group turnover has increased by approximately 25% in comparison to the same period last year.”

The breakdown in profits was a 19% rise in the retail channel, a 18% rise in the telephone channel and a 44% increase in the online sportsbook, excluding gaming.

He said: “Gaming revenues within the online channel have seen continued strong growth and are markedly up on 2005, given, in particular, the addition of poker revenue. On a like-for-like comparison, gaming revenues are 27% ahead of the levels achieved in the last 19 weeks of 2005.

The group also announced that six to ten new outlets will open in Ireland and up to will open in the UK this year.

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