Irish bookie announces designs on the British market
Thursday 26th February 2004
Following the announcement of record profits, as reported here yesterday, Irish Bookmaker, Paddy Power, has announced its intentions to invade Britain. The bookie, which has gone from strength to strength since launching its first online casino at the beginning of the year, wants to make the Paddy Power brand as prevalent in the UK as it is currently in Ireland.
The firm, which has 137 outlets on its home turf, and 12 in Britain, has announced plans to acquire a further 50 by the end of the year. 'We are looking to build our [British] estate as big as the Irish,' finance director Ross Ivers told the Guardian.” He added, however, that there was little opportunity for an acquisition or merger in Britain.
The firm announced profits of €20.4m (£13.6m), up 15% on the year, with turnover 36% higher at €914m.