| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

News Main Page 
 Asia-Pacific Business Week


How to use our RSS feed

Web Finfacts


Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:


Finfacts Homepage

Global News

Bloomberg News

CNN Money

Cnet Tech News


Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News





News : Irish Last Updated: Dec 19th, 2007 - 13:17:15

Bookmaker Paddy Power reports half year profits of €18.4m
By Finfacts Team
Aug 31, 2005, 11:19

Email this article
 Printer friendly page

The controversial 'Pope' advert (1995) which paved the way for what was to follow. The company subsequently refunded all bets when the Pope broke his leg while taking a shower.
Bookmaker Paddy Power has reported a small decline in pre-tax profits of €18.4m for the first half of this year, as punters enjoyed a better run of racing results. This was the reverse of last year, when results led to record profits for the bookmaker.

Turnover grew by 27% to €704m while earnings per share fell to 31.72 cent. An interim dividend of 7.75 cent has been declared.

The company said it had been boosted by the strong economy in Ireland, while sluggish consumer spending in the UK had little impact on its business. 


H1 2005

H1 2004*








Operating profit



Profit before tax



Profit after tax






Cash balance



Interim dividend







*2004 comparatives have been restated in accordance with IFRS


Commenting on the results John O’Reilly, Chief Executive said:


“Despite a run of racing results in favour of the punters, we’ve delivered a healthy operating profit, grown revenues and made very good progress in diversifying the business through different channels and products.  We remain confident of meeting our expansion plans for the full year and the Group is very well positioned for 2006 and beyond.”


Commenting on the results Ross Ivers, Finance Director said:


“We are now reaping the rewards of our strategy of investing upfront in our start-up businesses with our online channel now generating record earnings and set for continued expansion.”


The company said that the first half of 2005 has seen the continued development of Paddy Power across all business channels. The retail businesses in both Ireland and the United Kingdom (UK) continue to expand through the organic growth of new outlets, while the non retail business continues to grow both its traditional sportsbook business and its new gaming business.


The non retail business accounted for over 63% of operating profits in the six months to 30 June 2005 (2004:33%) and will continue to be a major source of growth for us, together with the continued retail expansion.  

Paddy Power was founded on the merger, which took place in 1988, of three existing Irish high street bookmakers, Kenny O'Reilly Bookmakers (in which Stewart Kenny, Chairman, Paddy Power plc was a partner), P. Corcoran Bookmakers, owned by John Corcoran, a non-executive director of Paddy Power plc and a significant proportion of the betting shops trading as Richard Power, owned by David Power, non-executive director, Paddy Power plc. Since this time, Paddy Power has grown primarily through organic growth to be the largest bookmaker today through 130 outlets in the Republic of Ireland. A further two outlets have been gained in the UK.

In 1988, Paddy Power had just 8% of the Irish off course betting market. This grew to approximately 33% in 2001. The company's telephone betting service, Paddy Power Dial-a-bet was launched in 1996 and the online betting site, paddypower.com followed in 2000. The shares of the company were listed on the London and Irish Stock Exchanges in December 2000. Paddy Power has now commenced an expansion programme into the UK through licensed betting offices, telephone and online channels.

© Copyright 2007 by Finfacts.com

Top of Page

Latest Headlines
C&C reports plunge in UK cider sales; Revenue and profit margin to fall 10% in year to February 29, 2008
Shannon Development calls for urgent national launch of high-speed fibre Broadband infrastructure across Ireland
Irish SMEs can reduce costs by adopting Green IT
Irish construction employment fell 5.4% in year to November 2007 - actual job losses were about 15,000
Two Dublin Firms "score major deals" during South Africa Trade Mission
Dublin Airport: DAA to start work on €55m extension to Terminal One
Forfás says Employment in IDA and Enterprise Ireland client firms grew by 1,187 in 2007; Over 18,500 people were employed in research activities across Ireland in 2007
Wyeth Ireland invests €5 million in Dublin and creates 24 jobs
Irish Consumer sentiment fell slightly in December 2007
Aer Lingus begins Belfast-London Heathrow service; Ryanair's Michael O'Leary visits Shannon on last day of Aer Lingus service to London
Martin welcomes over 50 Irish Firms on South African Trade Mission
Irish Construction: December data signalled record falls in activity - housing, civil engineering and commercial sectors
Britvic Ireland to cut 60 jobs in Cork
Irish Live Register increased 2,100 in December; Grew 14,987 in 2007 to 171,800 at end of December
Irish Public Service Benchmarking Body Report: Increases recommended for just 15 of the 109 grades examined
Irish Financial Services Ombudsman says complaints increased 15% in 2007
Nuclear Power in Ireland: Government calls for a debate without a deadline to avoid having to make decision
Irish Industrial Sector had best year in 2007 since 2002
Irish National Employment Rights Authority carries out 14,000 inspections; Recovers €2.5m in arrears for workers; Martin launches "major publicity campaign"
Horizon Technology hit by falling revenue and bad debt provision increase of €0.8 million