Bookmaker Paddy Power said today it expected underlying profit to grow by 36 per cent in 2007 on "favourable" sporting results in the first half of the year.
Paddy Power expects operating profits to reach €62m this year. Image: Brenda Fitzsimons.
Paddy Power said in a trading update that, assuming the gains were not offset by an "unfavourable run in the second half" and turnover continued to grow in line with forecasts, it expected operating profit for the full year to reach €62 million.
"This result would represent underlying operating profit growth compared to 2006 of approximately 36 per cent," it said.
Paddy Power said in May it expected operating profit of around €58 million in 2007.
The firm said historically the first half of the year has tended "to be the stronger half", adding this was likely to be "particularly pronounced in 2007".