Paddy Power gains as punters lose
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Irish bookie Paddy Power expects interim operating profits to come in 8% higher than market forecasts as a good run of results and revenue growth have more than offset the impact of weak sterling.
"The group now expects operating profit of approximately €82m in 2008, which would represent growth of 14% compared to 2007 and is 8% above the current consensus forecast," Paddy said ahead of its AGM.
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Sterling depreciation against the euro will reduce group operating profit by approximately €5m, but will be more than offset by the benefit of the favourable momentum and sporting results to date, chairman Fintan Drury added.
Revenue has increased in all areas except telephone betting where the amount staked has been broadly in line with last year.
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