Thursday May 15, 08:23 AM
Paddy Power sees 2008 opg profit up 14 pct to 82 mln euros, 8 pct above forecast
LONDON (Thomson Financial) - Irish bookmaker Paddy Power Plc (Dublin: PLS.IR - news) . said it now expects a 14 percent rise in its full-year 2008 operating profit to about 82 million euros, 8 percent above the current consensus forecast.
In a statement ahead of its AGM, the Irish bookmaker said the current year has started well, with favourable sporting results and top-line growth more than offsetting adverse foreign exchange movements in the first 20 weeks to May 13.
The company said its outlook 'remains strong', though the strength of the euro against the pound will reduce its operating profit by about 5 million euros, assuming an average exchange rate for the remainder of the year in line with current levels.
However, this will be more than offset by the benefit of the favourable momentum and sporting results to date, Paddy Power said.
Chairman Fintan Drury also said he will step down as chairman at the end of this year after completing two three-year terms, to be replaced by senior independent director Nigel Northridge.
|
|
|
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
