Bookmaker Paddy Power expects a 57 per cent jump in 2004 profits despite sporting results that went against it in the last three months.
In a trading update published today, Paddy Power said it expects pretax profit of €32.1 million and basic earnings per share of 56.4 cents for the 12 months to December 31st, 2004.
"While the business has continued to demonstrate strong turnover growth in the second half, unfavourable sporting results over the fourth quarter, particularly in the busy December period, have adversely affected the gross margin for the year," it said.
"However gross win percentages for the year will fall within the guided annual ranges of 12-14 per cent for retail, 8.5-9.5 per cent for dial-a-bet and 7.5-8.5 per cent for online sportsbook and no change to these ranges is being guided for 2005".
Paddy Power said its business had continued to develop well in the second six months across all channels, in line with the company's objectives, and was well positioned for 2005. It will report annual results on February 21st.
British betting shop chains William Hill and Stanley Leisure said earlier this month their results had been hurt after gamblers hit a lucky streak on soccer and horse racing in the second half of the year.