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Paddy Power Reports Strong Growth

UNITED KINGDOM – As reported by the Ireland.com: "Bookmaker Paddy Power has reported strong profit growth last year, despite an early season profit warning. Turnover rose 35.6 per cent to €913.6 million (US$1.137 billion) with pre-tax profits 14.5 per cent stronger at a record €20.4 million (US$25.39 million).

"All three of its main business areas - licensed betting offices, telephone betting and online betting - performed well, the company said, announcing its results yesterday.

"Earnings per share rose 17.8 per cent to 36.97 cents.

"Finance director Mr Ross Ivers said the end-year figures showed a marked turnaround from the first half, when it was forced to issue a profit warning after a run of luck for punters at the Cheltenham Festival and the Aintree Grand National.

"…The company was particularly pleased with the performance of its online operation, which had been targeted to break even in 2003, but was showing a €400,000 loss in the first half. By the year-end, the online business turned in an operating profit of almost €1.4 million on turnover of €185.1 million, up 80 per cent on 2002…"

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