Paddy Power said it expects to beat expectations for the year, as strong growth in its online and UK retail units during the first half of the year pushed operating profit higher.
The bookmaker said full-year earnings could rise by 30 per cent, helped by an "exceptional" World Cup boosted profits in the first half of 2010.
The company reported growth of 54 per cent in profit before tax to €52.5 million for the six months to June 30th, with underlying diluted earnings per share rising 31 per cent to 82.2 cent. Operating profit was up 48 per cent to €49.5 million.
The amount staked by its Irish retail customers increased marginally to €476 million over the six months, but income slipped 2 per cent to almost €55.5 million for the six month period. Operating profit for the division fell 22 per cent at constant currency, totalling €9 million for the period.
However, the figures included five new shops opened during the first half of the year, which helped boost results. Like for like amounts staked were down 3 per cent, gross win fell 5 per cent and operating costs rose 1 per cent.
Despite this, Paddy Power described the retail division's performance as "solid".
However, it admitted that the Irish market remained "difficult", with the telephone channel reporting a fall of 15 per cent in turnover compared to last year as the average stake per best declined.
However, a strong performance in the UK kept the channel's turnover broadly flat.
Chief executive Patrick Kennedy said the six months marked significant strategic and financial progress.
"We have significantly strengthened our online market position, ending the period with greater scale, more customers and enhanced capabilities, as well as substantially higher profits, compared to a year previously. At the same time, we continued to expand internationally, whilst increasing market share in retail," he said.
"Since June 30th, our online businesses and UK Retail have continued to grow strongly while our Irish Retail and Telephone channels have performed solidly. Accordingly, we expect to exceed the current market consensus forecast for the year."
