Bookmaker Paddy Power says it expects to earn about €82m in operating profit this year, up 14% from 2007 and 8% above the current consensus forecast.
'In the first 20 weeks to 13 May, favourable sporting results and top line growth have more than offset adverse foreign exchange movements resulting in gross win ahead of expectations,' Chairman Fintan Drury said in a statement ahead of the company's AGM later today.
The company says that sterling depreciation against the euro will reduce group operating profit by about €5m, assuming an average exchange rate for the rest of the year in line with current levels.
However, it adds that this will be more than offset by the benefit of the favourable momentum and sporting results to date.
'The outlook for Paddy Power remains strong,' said Drury, who also announced he would stand down at the end of the year. Mr Drury has been chairman for the last six years and will be replaced by the group's senior independent director Nigel Northridge.
Paddy Power shares were up 85 cent at €24.27 in Dublin this afternoon.
