Paddy Power shares jumped today after it released a trading statement to the stock exchange saying this year so far has been characterised by an exceptionally favourable run of sporting results for the company.
At an AGM today Chairman, Fintan Drury, said the group expects operating profit of around €58m in 2007, assuming sporting results so far are not offset by an unfavourable run over the remainder of the year.
This result would represent underlying operating profit growth compared to 2006 of approximately 27%, and would be 8% better than the market currently anticipated, he added.
The forecast assumes sports results, where the gross win in the first 20 weeks of 2007 was ahead of expectations, are not offset by an unfavourable run over the remainder of the year and that turnover growth continues in line with expectations.
Overall sportsbook turnover increased 12% in the first 20 weeks of 2007, as compared to the first 20 weeks of 2006.
Turnover rose 10% in the retail channel, down 2% in the telephone channel and up 26% in the online channel.
Paddy Power shares closed up €1.40 at €23 in Dublin.
