Profit is at odds with prediction

Last updated 11:46, Thursday, 28 August 2008

IRISH bookmaker Paddy Power has issued a profit warning, blaming a run of unfavourable sporting results and the wider downturn in spending.

The company now expects to make an operating profit of 75m euros (£60m) in 2008, down from its previous guidance of 82m euros. It said 4m to 5m euros of the reduction was due to big payouts, including bets on Irish golfer Padraig Harrington after his two major wins.

Reduced betting business in the UK and Ireland will cut a further 2m to 3m euros.

Chief executive Patrick Kennedy said: “Much has happened since our last trading update three and a half months ago. The performance of the Irish and UK economies has deteriorated, and the growth rates in our businesses have slowed accordingly.”