AGM Statement

Paddy Power plc
22 May 2007

                                Paddy Power plc
                               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 (22 May 2007):



'2006 was an excellent year of growth and profitability for Paddy Power with
strong double digit growth in turnover, gross win and operating profit in each
of our channels and an overall increase in underlying operating profit of 51% to
€45.5m.

I am pleased to inform you that 2007 has also started very well.  The 20 weeks
to 15 May 2007 have been characterised by an exceptionally favourable run of
sporting results for Paddy Power.  Whilst this has unsurprisingly resulted in
lower growth in sportsbook turnover than would otherwise have been anticipated,
the absolute amount of sportsbook gross win in the first 20 weeks has been ahead
of our expectations.  Overall sportsbook turnover has increased by 12% in the
first 20 weeks of 2007 as compared to the first 20 weeks of 2006. Sportsbook
turnover for the period was up 10% in the retail channel, down 2% in the
telephone channel and up 26% in the online channel.

Gaming gross win within the online channel increased significantly in the first
20 weeks of 2007 as a result of strong growth in poker, casino and games, as
well as the launch in the second half of 2006 of our online bingo business.
During March, we migrated our poker customers from the software of our network
supplier to that of another network, Playtech, which had acquired them.  As a
result the rate of gaming gross win growth has, as expected, been slower in the
10 weeks since that migration. We are continuing to address this by implementing
a wide range of initiatives designed to increase revenue generation within the
new poker network environment.



Our expansion into new businesses continues and we anticiate launching
paddypowertrader.com, an online financial spread betting business, during the
summer. Paddy Power Trader will market spread betting opportunities on equities,
commodities and indices with a differentiating emphasis on education, value and,
of course, entertainment.

Given the substantial ongoing investment to exploit growth opportunities in both
our retail and non retail divisions, the Group remains confident about its
future growth prospects.  With the benefit of the favourable sporting results in
the first 20 weeks, the Group now expects operating profit of approximately €58m
in 2007, assuming those sporting results are not offset by an unfavourable run
over the remainder of the year, and continued turnover growth in line with our
expectations. This result would represent underlying operating profit growth
compared to 2006 of approximately 27% or 8% above the current consensus market
forecast.'



                                      ENDS

Issued on behalf of Paddy Power plc by Drury Communications Ltd


For reference, contact:

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 / Oonagh Daly                            Trevor Phillips
Drury Communications Ltd                              Holborn PR
Tel: + 353 1 260 5000                                 Tel: + 44 20 7929 5599
Mobile: + 353 87 855 4406 (OD)                        Mobile: + 44 7889 153 628









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