Paddy Power ‘goes from strength to strength’ with latest results

<p>Bookmaker Paddy Power has released strong financial results.</p>

Shares in Paddy Power rose slightly this morning (March 5th) on the back of the news that the bookmaker has reported another "strong" year for the company.

Pre-tax profits for 2012 were revealed by the firm to have gone up by 15 per cent to a record 139.2 million euros (£120 million).

However, the group said if current exchange rates continue, operating profits this year may be reduced by as much as ten per cent.

Paddy Power's share price was up by more than one per cent to 65.10 at 08:50 GMT.

Patrick Kennedy, chief executive of Paddy Power, said its online business had gone from "strength to strength" in the last few months.

"We now have nearly twice as many active online customers than we had in 2010," he commented.

It was also announced by the company that its co-founder David Power is set to retire from the board after the 2013 annual general meeting.

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