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Paddy Power trims forecasts

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    Date: Wednesday 27 Aug 2008

    LONDON (ShareCast) - Luck has turned against Irish bookmaker Paddy Power, which has lowered its profit estimates for the coming year blaming poor results and the economic slowdown in Ireland.

    Paddy now expects to make an operating profit for the full year of €75m compared with its previous forecast of €82m. Operating profits in 2007 were €72m.

    In the six months to June, earnings per share grew 17% to 82.3c with underlying profits up 10% to €47.1m. Pre-tax profits rose to €49.8m from €42.7m. Turnover was €1.07bn.

    "Against this more challenging backdrop, the outlook for Paddy Power remains strong. Broadly half our profits come from the fast growing online betting and gaming market, we will continue to lead and differentiate ourselves in the Irish Retail market, whilst our expectations for the potential size of our UK Retail estate has increased to at least 150 shops by 2011," it added.

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