Irish bookmaker Paddy Power has posted a better-than-expected 52 per cent rise in pretax profit for 2006 and said this year had already got off to a satisfactory start.
Pretax profit in the 12 months to the end of December rose to €47.6 million, beating the €43.8 million expected by analysts, according to Reuters Estimates.
Paddy Power said the pretax profit excluded a one-off gain from a sale of property.
Paddy Power chief executive Patrick Kennedy said today the company expects to carry out a share buyback this year for the first time and is looking at possible acquisitions.
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He said that although the company had permission from shareholders for buybacks in previous years, it had not carried them out before.