Bonuses fell sharply for top executives of listed bookmaker Paddy Power last year. Chief executive Mr John O'Reilly and finance director Mr Ross Ivers shared €163,000 in bonuses, down from €400,000 in 2002.

As a result, their overall remuneration fell slightly despite a rise in base salaries. Mr O'Reilly earned a salary of €271,000, up from €226,000 in 2002 but his overall package fell to €466,000 from €514,000.

Mr Ivers earned a total of €373,000 compared to €459,000 a year earlier.

Mr Fintan Drury, who assumed the chairmanship during the year from company founder Mr Stewart Kenny, received fees of €70,000. In addition, Cappagrove Ltd, a company in which Mr Drury has a beneficial interest, received €40,000 for consultancy services.

Mr Kenny, who was paid fees of €65,000 on top of benefits of €11,000 and €5,000 in pension costs, also received €35,000 in consultancy fees. Total boardroom remuneration was €1.18 million, down from €1.63 million.

Paddy Power will hold its annual general meeting on June 22nd in the Shelbourne Hotel and not today as previously indicated.