Pre-tax profits at bookmaker Paddy Power soared in the first half of this year due to what chief executive John O'Reilly called 'an unusually favourable set of sporting results'.
Profits were €18.7m, compared with €7,2m in the same period last year, with turnover 22% higher at €554m. Earnings per share were up 133% to 33.3 cent and a 44% higher interim dividend of 6.2 cent has been declared.
The company said punters had had an unprecedented run at the expense of the bookies early last year, but the tide had turned this year, mainly because of results at Cheltenham and Euro 2004. Finance director Ross Ivers warned, however, that the favourable results, from the bookies' point of view, were unlikely to continue in the second half.
Paddy Power said it now had 20 UK outlets and was on track to meet its growth plans.
A breakdown showed that turnover in betting shops rose 25% to €340.4m. Telephone betting was 20% higher at €105.8m. Online turnover was up 15% to €107.8m, though the average size of bets fell slightly.
Profits grew strongly in all divisions, with the telephone an online business making a profit after losses in the same period last year.
Shares in the company closed 3% or 30 cent lower at €9.70 in Dublin today.
