Betting chain paddy Power today lowered its forecast for 2008, reducing its operating profit expectations from €82 million to €75 million after a string on unfavourable results for bookmakers.
However, profits are still expected to rise on last year's figures, with growth of more than €3 million predicted.
Chief executive of the group, Patrick Kennedy, blamed the economic worries in the UK and Ireland for the slowdown in growth rates in the business, along with a lucky streak for punters.
"We said last year that the old adage of 'what goes around comes around' applies to sporting results and they certainly have come back around for punters since June with a string of unfavourable results for bookmakers, and Irish bookmakers particularly," he said.
The company announced today that pre-tax profit had grown 10 per cent in the six months to €47.1 million, excluding a once-off gain of €2.7 million.
Earnings per share grew 17 per cent in the six months to June 30th, with online operations showing a 43 per cent rise in profits.
The bookmakers was also hit by foreign exchange fluctuations, with the strong euro reducing the value of its sterling operating profit by an estimated €2.5 million.
The betting chain expanded into Northern Ireland in the six-month period, acquiring eight shops in the region. It said it expects its retail business in the UK to grow to at least 150 shops by 2011, with a new development team in place in Scotland, the north west of England and Northern Ireland.
