AGM Statement

Paddy Power plc
22 June 2004

                              Paddy Power plc AGM



Chairman's Updating Statement





For the five months to 31 May 2004, turnover and gross profit growth has been
strong across all channels.



Group turnover has increased by approximately 18% in comparison to the same
period in 2003. Turnover increased by 23% in the LBO estate, 14% in the
Dial-a-Bet division and 7% in the Online division respectively. Turnover growth
in the second quarter was adversely impacted in the Dial-a-Bet and Online
divisions by the temporary loss of televised horse racing from the United
Kingdom. However, televised racing resumed on 11 June and early indications are
that growth levels are improving. We also continue to see an improvement in the
mix of the Online and Dial-a-Bet customer base.



Average gross win percentage has been strong across all channels, particularly
in the Online and Dial-a-Bet channels, for the period to 31 May 2004. We expect
gross win to fall within its normal annual ranges for the year as a whole.



Expansion of both the Irish and UK estates continues with 141 and 20 shops
trading respectively and we remain confident of achieving our opening targets in
both markets for the year. We continue to refurbish, relocate and extend the
Irish estate in line with plan. The Group now holds a total of 25 licences in
the United Kingdom.



The Internet Casino was introduced in March and we are pleased with its
performance to date.



The Group continues to invest in its brand, its people and in developing the
infrastructure required in the United Kingdom to support future growth.



The Group remains confident about its prospects for the remainder of the year.



Ends



An analyst conference call hosted by Ross Ivers, Finance Director, will be held
today at 2.30pm. The conference can be accessed via 01 478 1006 if dialing from
Ireland and 0207 984 7582 if dialing from the United Kingdom. Confirmation code
is 276625.



22nd June 2004



Issued on behalf of Paddy Power plc by

Drury Communications, contact:



Mark Cahalane/Oonagh Daly

Tel: [phone]



Trevor Phillips/David Bick

Holborn Public Relations

Tel: [phone]



For reference, contact:

Ross Ivers, Finance Director

Paddy Power plc

Tel: [phone]




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