Paddy Power Poker Parent Portends 2008 Profits Up 14%

Ireland's top bookmaker, Paddy Power, parent of Paddy Power Poker, reports a healthy start to the year brings expectations that 2008 operating profits will be around 82 million Euros (USD 127 million, or GBP 65.2m) which represents 14% growth over the same period in 2007, which is 8% higher than current market forecast.

In advance of the Company's Annual General Meeting held yesterday, the Chairman of Paddy Power plc, Fintan Drury, released the following statement:

"2007 was an excellent year for Paddy Power with strong growth in gross win and operating profit in all channels and an overall increase in underlying operating profit of 59% to Euros 72.1m.

I am pleased to inform you that this year has also started well. In the first 20 weeks to 13 May, favourable sporting results and top line growth have more than offset adverse foreign exchange movements resulting in gross win ahead of expectations. We have been pleased with turnover across the Group, with satisfactory growth at constant exchange rates in all businesses, apart from the telephone channel where as expected the amount staked has been broadly in line with last year.

The outlook for Paddy Power remains strong. Sterling depreciation against the euro will reduce group operating profit by approximately Euros 5m, assuming an average exchange rate for the remainder of the year in line with current levels. However, this will be more than offset by the benefit of the favourable momentum and sporting results to date. The Group now expects operating profit of approximately Euros 82m in 2008, which would represent growth of 14% compared to 2007 and is 8% above the current consensus forecast.

Finally, I would like to announce that I will stand down as Chairman and a non-executive director of Paddy Power plc at the end of this year, coinciding with my completion of two three-year terms. I am delighted also to announce that our Senior Independent Director, Nigel Northridge, has agreed to assume the post of Chairman when I step down. It has been a pleasure to have had the opportunity to serve on the Board over the past six years. The Group has made great strides in that time due in no small part to the endeavour and commitment of my Board colleagues and of management, present and past, for which I thank them."

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