Bookie odds on for big profits
8:22am Friday 16th May 2008
BOOKMAKER Paddy Power yesterday said sporting upsets have cost punters - but left the firm on course for profits that will beat forecasts this year.
The company gained from favourable racing results including Comply or Die's Grand National win, as well as an FA Cup competition strewn with giant-killings.
Paddy Power also banked big gains from favourite Tiger Woods' second-place finish at the US Masters golf tournament to 130-1 outsider Trevor Immelman in April.
The healthy start to the year will leave 2008 operating profits about 14 per cent higher at £65.3m and eight per cent higher than market hopes, the company said. The forecast came despite the pound's weakness against the euros hitting operating profits by £4m if exchange rates remain at present levels for the rest of the year.
This will be more than offset by the benefit of the favourable momentum and sporting results to date,'' Paddy Power added.
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- Prison's failings over race tensions
- Investigators examine evidence from hotel fire
- Archie’s a Wii menace
- Driver pierced through chest as van strikes gate
- Hospital could lose A&E service as part of review
- Museum steams in with birthday treat for Minna
- Teenager in manslaughter case will not face a retrial
- We won’t damage henges - Tarmac
- House prices slowing after 161% increase
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