Paddy Power reveal impressive year-end results

Paddy Power announced results for the year ending 2007 today, revealing further growth in the online gaming industry.

Highlights for the year included: Operating profit growth of 59% to €72.1m, operating profit growth of 36% and 7% in online and telephone businesses respectively and a favourable run of sporting results.

Commenting on the results Patrick Kennedy, chief executive, Paddy Power plc said: "We have grown our business very substantially in 2007. Pre-tax profits have grown by 53% to €75.8m, with strong growth in every division.

“Particular highlights included the 57% profit growth in Irish Retail, 44% growth in online gaming gross win and the turnaround of our UK Retail business. Furthermore, we have conducted a detailed review of the UK retail market, and will open shops in Glasgow and Manchester as well as in London this year.

“The outlook for Paddy Power remains strong, underpinned by our momentum and our strong market positions. We are confident in our prospects for 2008 and beyond."