Delegates at Paddy Power's AGM in Dublin today heard that the group remains confident about its growth prospects for the year.
The AGM heard that half year and full year earnings should be in line with expectations, assuming continued turnover growth levels and the achievement of normal gross win percentages for the rest of the year.
Chairman Fintan Drury said that group turnover had increased by 30% compared to the same time last year and turnover growth rates have been improving steadily throughout the business and the year to date.
He said that turnover has increased by 19% in the retail division, 30% in the telephone division and 67% in the online division.
He said that as predicted, 2005 has seen a return to a more typical gross win profile with total gross win being relatively flat in comparison to 2004 after the first half of last year saw exceptionally strong bookmaking gross win percentages due to unusually favourable sporting results.
'Gross win percentages have been mixed with satisfactory results in the first quarter while results to date in the second quarter are below average due to a high number of Irish trained horses winning in April,' Mr Drury said.
He said that the expansion of the group's Irish and UK retail estates has continued in line with plan with 144 and 32 outlets trading respectively. The group remains confident of continued outlet growth in both markets.
'Earnings for the first half of 2005 should be close to those of the same period in 2004, reflecting 2004's very challenging comparatives, while the company is well positioned for a strong second half performance,' the Chairman told delegates.
Paddy Power shares were down 35 cent to €13.50 in Dublin this evening.
