Bookmakers Paddy Power today posted pre-tax profits of €20.4 million for 2003, up 15 per cent. Earnings per share were 36.97 cent - a five cent increase on the 2002 figure.
Turnover for the year was up 36 per cent to €913 million while the final dividend was up 26 per cent to 8.59 cent.
Paddy Power chairman Mr John O'Reilly said: "Even allowing for Cheltenham and the Grand National, 2003 was an excellent year ".
"The ups and downs of results are an integral part of betting...(but) we live in the knowledge that what goes around comes around, as we saw in the second half of 2003."
The company, which has 137 outlets across the Republic, said trading in 2004 had so far been in line with expectations.
"The outlook remains positive across the business," it said.
It added it is confident its core business, the Irish betting office market, will continue to grow through a programme of new shop openings, relocations and extensions together with underlying organic growth.
The UK LBO estate will grow in 2004 and beyond to become a significant part of the group, it added.
Paddy Power said its online division grew by 80 per cent in 2003.