Paddy Power co-founder sells shares as profit falls

Paddy Power's financial results show a fall in pre-tax profit of 15 per cent year-on-year.

Pre-tax profit fell from €79m in 2008 to €67.2m in 2009; however, turnover increased 36 per cent from from €2,101m  to €2,752m. Following the release of the group’s financial results came the announcement that co-founder David Power had sold shares worth more than €7m.

Online continued to grow, recording record profit of €45.7m, seven per cent up on the figure of €42.8m for 2008 and accounting for 75 per cent of the group’s full-year operating profit, compared to just 57 per cent in 2008.