|Irish bookmaker Paddy Power has announced that it expects to earn around $127 million in operating profits this year, a rise of 14 percent from last year and eight percent above the current consensus forecast.|
The revelation came in a statement ahead of the firm’s annual general meeting with favourable results and levels of growth for the first 20 weeks of 2008 expected to more than make up for any adverse foreign exchange movements. Paddy Power stated that its outlook remains strong even though the depreciation of Sterling against the Euro is expected to cost it approximately $7.7 million.
'In the first 20 weeks to May 13, favourable sporting results and top line growth have more than offset adverse foreign exchange movements resulting in gross win ahead of expectations,' read a statement from Fintan Drury, Chairman for Paddy Power.
“We have been pleased with turnover across the group, with satisfactory growth at constant exchange rates in all businesses, apart from the telephone channel where, as expected, the amount staked has been broadly in line with last year.”
In addition, the annual general meeting is expected to see Drury announce that he is to step down at the end of December after serving as Chairman for the Dublin-based firm for six years. Numerous reports suggest that Nigel Northridge, Paddy Power’s current Senior Independent Director, is in line to succeed Drury.