Paddy Power sees profits soar by 54pc

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Wednesday 25 August 2010 8:14 pm KCS-content Paddy Power sees profits soar by 54pc Share Paddy Power reported soaring profits yesterday, despite admitting trading in its Irish home-market is tough.The firm saw pre-tax profits grow 54 per cent to €52.5m (£43m), buoyed by strong performances in its international divisions.The bookmaker says it expects full-year earnings to rise by up to 30 per cent after an “exceptional” World Cup helped it to smash profit expectations.Chief executive Patrick Kennedy told City A.M. the firm has performed well across the board but admitted Irish customers have been “spooked” by the country’s precarious financial situation.He said: “We are continuing to grow in Ireland and our market share has risen by seven per cent to 32 per cent since the recession. We are trading there harder than ever. But customer confidence is not great. The government finances have spooked customers and trading is tough.“Most of our expansion is coming internationally now. Our customers in Australia have shot up 84 per cent and we are now launching in France.“Three quarters of our online revenue comes from the UK, which is our biggest market.”However, he added that changing the firm’s domicile to London to reflect its increasingly international business model is “not on our immediate agenda”. The firm also acknowledged new taxes and fees in the UK and Ireland could affect earnings going forward. whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndoFolliboost Haircare SerumThinning Hair? Use this For 1 Month and See What HappensFolliboost Haircare SerumUndoAll Things Auto | Search AdsNew Cadillac’s Finally On SaleAll Things Auto | Search AdsUndoBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoinvesting.comCanceled TV Shows Announced: Full Updated Listinvesting.comUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndoPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryUndo Show Comments ▼ More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her:‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comKiller drone ‘hunted down a human target’ without being told whatsapp Tags: NULL read more

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