Bookie loses to punters

Published on Tuesday 2 September 2003 01:00

PUNTERS backing the right horses at this year’s Grand National and Cheltenham Festival were today blamed for a 22 per cent fall in first-half profits at Paddy Power, the Irish bookmaker.

The news follows a profit warning earlier this year from rival Stanley Leisure, which said gamblers in Northern Ireland and the Republic had strongly backed Grand National winner Monty’s Pass, thus hitting profitability.

For the six months to the end of June, Paddy Power reported a pre-tax profit of 5 million, down from 6.5m for the same period last year, despite a 42 per cent jump in turnover to 315.8m. Fintan Drury, the firm’s chairman, said: "Operating profit was down by 25 per cent on the same period last year due to a number of adverse horse racing results, primarily at Cheltenham and the Grand National.

"However, these were exceptional results and, while adversely impacting operating profit in the six months to June 30, will not impact the future profitability of the company."

Mr Drury said Paddy Power's expansion continued "unabated" as it works to develop its presence in the UK.