AGM Statement

Paddy Power plc
03 June 2003

                              Paddy Power Plc
                         Annual General Meeting 2003
                            Chairman's Statement



Turnover across all channels for the year to date has been strong with good
underlying growth.



For the period to 27 May turnover grew in the betting offices by a total of 28%
in Ireland and the UK.



As of this week the Company will have 133 outlets open in Ireland, an increase
of four since the beginning of the year. In addition, three betting offices have
been relocated.  Further new openings and relocations will be undertaken over
2003 as we continue to expand our estate.



In the UK, five outlets are now open in London, an increase of two since the
beginning of the year.  Paddy Power now holds a total of 11 licences in London
and it is expected that all 11 shops will be open by year end. In addition, the
company has eight licence hearings scheduled before the end of September.
Further new licence applications will be made over the remainder of the year
providing a pipeline of properties that will open in 2004.



Our telephone and On-line divisions have continued to show significant growth of
57% and 130% respectively for the period to 27 May as they expand in Ireland and
the UK.



As indicated in our trading statement on 16 April 2003, gross margin was
adversely impacted in March and April by a number of adverse horse racing
results which was likely to mean a shortfall of EUR4m in operating profit for
2003. Since then gross margin has been satisfactory. The Board continues to
believe that there has been no fundamental change in the underlying gross margin
range for each of the business channels.



The Board remains very positive about the prospects for Paddy Power plc.



Fintan Drury

Chairman

3rd June 2003



                                      Ends





Issued on behalf of Paddy Power plc by Drury Communications



For reference:


Ross Ivers                                              Mark Cahalane/Oonagh Daly

Paddy Power plc                                         Drury Communications

Tel:   [phone]                                    Tel:   [phone]



Trevor Phillips

Holborn PR

Tel: [phone]










                      This information is provided by RNS
            The company news service from the London Stock Exchange