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Paddy Power sees drop in 2009 profits but growth in Australia and Online.

Paddy Power the successful Irish betting and online casino operator has seen a drop in its profit of 15%. This was against a rise in their turnover of more than 35% (€2,752m from €2,101m) for the same period. They reported a pre-tax profit of €67.2m, which was down from €79m in 2008.

Chief Executive Patrick Kennedy stated that alot of the fall had been down to a contraction of the UK and Irish economy and a run of 'punter' friendly sporting results. In his statement he said. "Despite the economic problems, 2009 was a cracking year for Paddy Power punters on two fronts, which was the exact opposite to the experience of the prior year."

One of the big operational highlights for 2009 included the geographic expansion of the business into Australia. They acquired two gambling businesses Sportsbet and IAS – prominent players in the lucrative Australian betting markets.

Their Online side of the business continued to grow recording record profits of €45.7m which was 7% up on the figure of €42.8m for 2008. This figure represented a sizable 75% of the group’s full-year operating profit, compared to just 57% in 2008.

Nigel Northridge, Chairman of Paddy Power added. "Adverse weather in January led to racing cancellations and impacted turnover but this was offset by favourable sports results. The board remains confident of the Group's prospects."

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