Paddy Power reports turnover climbing 18%
Irish betting giant Paddy Power today announced at the company AGM increased turnover and profits for 2004.
Chairman Fintan Drury informed shareholders at the AGM at the Shelbourne Hotel in Dublin that turnover and gross profit growth has been strong for the five months to May 31, 2004,
"Group turnover has increased by approximately 18% in comparison to the same period in 2003," the chairman's statement said.
Turnover increased by 23% from betting offices, 14% in the Dial-a-Bet division and 7% in the online division respectively.
Turnover growth in the second quarter was adversely impacted in the Dial-a-Bet and online divisions by the temporary loss of televised horse racing.
However, televised racing resumed on June 11 and early indications are that growth levels are improving.
Expansion of both the Irish and UK stable of betting shops climbed by 20 to 141 shops.
Shares in Paddy Power were unchanged at €9.20 in trading this morning.
