Paddy Power sees profits soar by 54pc

 
Steve Dinneen
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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.