Paddy Power expects its full-year results to be in line with market expectations as investment in expansion offsets strong revenue growth, the bookmaker's chairman said today.
"The group remains confident about its growth prospects for the year," Fintan Drury said in a statement before the company's annual shareholder meeting.
"The outcome for the year should be in line with consensus market forecasts assuming continued turnover growth in line with our expectations," he added.
Mr Drury said that in the 19 weeks to May 9th, group turnover had increased by about 25 per cent versus the same period last year.
Revenue increased 19 per cent at its betting shops, telephone sales rose 18 per cent and online sports betting jumped 44 per cent. Internet gambling turnover grew by 27 per cent.
Operating costs in the same period were approximately one third higher, however, as Paddy Power continued to invest in new retail outlets, upgrading retail estate and expanding its online and telephone betting operations.
