AGM Statement

RNS Number : 4681U

Paddy Power plc

15 May 2008

 



Paddy Power plc
Interim Management Statement / AGM Trading Update

The Chairman of Paddy Power plc, Fintan Drury, will make the following statement at the Company's Annual General Meeting to be held in Dublin at 11am this morning (15 May 2008):

'2007 was an excellent year for Paddy Power with strong growth in gross win and operating profit in all channels and an overall increase in underlying operating profit of 59% to €72.1m.

I am pleased to inform you that this year has also started well. In the first 20 weeks to 13 May, favourable sporting results and top line growth have more than offset adverse foreign exchange movements resulting in gross win ahead of expectations. 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.  
   

The outlook for Paddy Power remains strong. Sterling depreciation against the euro will reduce group operating profit by approximately €5m, 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. The Group now expects operating profit of approximately €82m in 2008, which would represent growth of 14% compared to 2007 and is 8% above the current consensus forecast. 

Finally, I would like to announce that I will stand down as Chairman and a non-executive director of Paddy Power plc at the end of this year, coinciding with my completion of two three-year terms. I am delighted also to announce that our Senior Independent Director, Nigel Northridge, has agreed to assume the post of Chairman when I step down. It has been a pleasure to have had the opportunity to serve on the Board over the past six years. The Group has made great strides in that time due in no small part to the endeavour and commitment of my Board colleagues and of management, present and past, for which I thank them.'

ENDS

15 May 2008

Issued on behalf of Paddy Power plc by Drury Communications Ltd

For reference:

Patrick Kennedy                                                      Jack Massey

Chief Executive                                                         Finance Director

Paddy Power plc                                                      Paddy Power plc

Tel: + 353 1 404 5912                                             Tel: + 353 1 404 5912

Billy Murphy / Sarah Ryan   Drury Communications Ltd   Tel: + 353 1 260 5000   Mobile: + 353 87 676 7452 (SR)

Trevor Phillips Square1 Consulting Limited Tel: + 44 20 7929 5599 Mobile: + 44 7889 153 628

 

END

 

 

AGMGUUAPAUPRGAC