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Paddy Power profits fall 14 percent

Thursday, August 28 08:08:25

Ireland-based bookmaker Paddy Power's operating profit fell 14 percent to 60.1 million euros on a constant currency basis in the first half of the year after it was hit by a run of unfavourable sports results.

Paddy Power has more than doubled its annual profits since 2009 on expansion overseas and a strong performance online where it leads the industry in betting via smartphones and tablets.

The Dublin-based firm, which saw revenue rise 7 percent in the period and increased its interim dividend by 11 percent, said on Thursday the second half had started well after a successful soccer World Cup, with a rebound in sports results.

It expects mid-teen percentage growth in earnings per share (EPS) for the full year, despite an 11 million euro headwind from product fees, new taxes and currency translation. (Reuters)

For more visit: www.businessworld.ie