Shareholders at Paddy Power's AGM heard today that turnover across all the company's channels have been strong for the year to date with good underlying growth.
Newly appointed Chairman Fintan Drury said that after a number of adverse horse racing results in March and April margins were again satisfactory. The company had warned in April that these results would likely mean a shortfall of €4m in operating profit for 2003.
Drury said that turnover in Paddy Power's betting offices grew by 28% in Ireland and the UK so far this year. He said the company's telephone and online divisions have continued to show significant growth of 57% and 130% since the start of the year.
Paddy Power has opened four new outlets in Ireland since the start of the year, with further new openings and expansions in the pipeline. The company also opened two new operations in London. Paddy Power holds a total of 11 licences in London and it is expected that all 11 shops will be open by the end of the year.
'The Board remains very positive about the prospects for Paddy Power,' the Chairman told shareholders.
