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Paddy Power says lower-than-expected profits because of 'unfavourable' sports results

The bookmaker said profit is about €11 million lower than predicted because of “adverse sports results”.

Image: Mike Egerton/EMPICS Sport

PADDY POWER HAS issued a profit warning, telling markets that its profits will be about €11 million lower than predicted for 2013.

The company blamed “unfavourable” sports results for the under-par performance.

“Sports results have remained poor,” it said in its interim management statement.

The adverse sports results outlined in July continued through autumn and the start of winter, dragging gross win versus normal expectations down some €10 million.

The most notable results that went against Paddy Power were at the recent Australian Spring Racing Carnival and in Champions League football.

Operating profit growth for the year is expected to land at a low-to-mid-single-digit percentage – about €11 million lower than the mid-point of Interim Results guidance.

Updating investors on the Irish retail market, the firm said the amount staked between July and November was up 5 per cent on the previous period – the biggest increase since 2007. It also added nine shops to its portfolio since January 2013.

Overall online amounts staked were up 15 per cent, while the group’s net revenue jumped seven per cent.

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