ONLINE LIFT FOR PADDY POWER PROFITS - Paddy Power's profit before tax in the six months to June this year grew by 54% to €52.5m. It says the six months marked 'significant strategic and financial progress' for the group and it is positioned well for further growth. It has also revised its forecasts upwards for the full year.
Paddy Power chief executive Patrick Kennedy said there had been a particularly strong performance in its international online business, particularly in Australia and the UK, though Ireland remains tough.
He said turnover at Irish betting shops was under pressure, but it was responding by offering better value.
Mr Kennedy said the World Cup went well for the company, with turnover three times the level of Euro 2008. He said Paddy Power mainly saw the event as a once in four years chance to attract new customers.
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GLANBIA AHEAD DESPITE 'FRAGILE' IRISH CONSUMERS - Glanbia has announced that its profit before tax for the first six months of the year was €60.2m - up 58% on the same six months last year, and its revenue was €1 billion, up almost 10%.
Glanbia chief executive John Moloney said the group had delivered very strong results in the first half, with a return to profit in its Irish dairy ingredients division. He said there was no update on the Glanbia Co-op's failed attempt to acquire the group's Irish division earlier this year.
Asked about milk prices, he said they were up 34% from a year earlier, in line with global markets.
Mr Moloney said Irish consumer sentiment was 'fragile' and the grocery market had declined, affecting its consumer foods business.
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NEWS AND CURRENCIES - Tullow Oil has reported a trebling in first-half profits to $89m, thanks to higher oil and gas prices.
Insurer FBD, despite severe weather claims, has reported a smaller loss before tax for the first half of the year at €7.8m, compared to €21.7m last year.
On the currency markets the euro is trading at $1.2645 and 81.98p sterling.
