11th Jan 2005 07:00
Paddy Power plc11 January 2005 Embargoed until 7.00 am on January 11th 2005 Paddy Power plc Close Period Trading Update Paddy Power expects profit before tax for the year to 31 December 2004 to beapproximately €32.1m, an increase of circa 57% on 2003. Basic Earnings Per Sharewill be approximately 56.4 cent per share (2003: 36.97). In the six months ended 30th June 2004 the Company produced record earnings onthe back of strong gross win percentages. While the business has continued todemonstrate strong turnover growth in the second half, unfavourable sportingresults over the fourth quarter, particularly in the busy December period, haveadversely affected the gross margin for the year. However gross win percentages for the year will fall within the guided annualranges of 12% - 14% for retail, 8.5% - 9.5% for dial-a-bet and 7.5% - 8.5% foronline sportsbook and no change to these ranges is being guided for 2005. Theinherent nature of Bookmaking means that gross win will move within a rangeduring any given financial year subject to the vagaries of sporting results. The business has continued to develop well in the second six months across allchannels, in line with stated objectives and is well positioned for 2005. The Preliminary Results will be published during the week commencing 21 February2005. A further announcement will be made as to the exact date. -Ends- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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