Paddy Power Plc released preliminary results for the year ending December 31, 2008.

According to a release, highlights included:

- Growth in earnings per share of 10 percent to 140.5 cent and in operating profit of 5 percent to €75.7 million, despite a €5 million headwind due to adverse currency movements;

- Online operating profit growth of 34 percent to €42.8 million, with online generating over 70 percent of Group operating profit in the second half of 2008;

- Growth in EBITDA per shop in Great Britain of 17 percent in constant currency to €140,000, with profits from UK customers across all channels c.50 percent of Group operating profit in the second half of 2008;

- Market share growth in Irish Retail, in spite of reduced operating profit of €6 million as a result of less favourable sporting results and lower average turnover per shop;

- Ongoing investment in 15 shop openings, eight shops acquired in Northern Ireland, our newer online businesses and product development;

- Further squeezing of the cost base limiting cost growth in the second half of 2008 to just 6 percent in constant currency despite an 11 percent increase in average shop numbers;

- A strong cash balance of €77 million at 31 December 2008, after €54 million of cash returns to shareholders in 2008.

"We have grown earnings per share by 10 percent in 2008 despite the challenging environment. Our online operations performed particularly strongly with a 48 percent increase in operating profit in constant currency," said Paddy CEO Patrick Kennedy.

"The results in the second half of 2008 also demonstrate the success of our strategy of geographic and channel expansion with online operating profit accounting for over 70 percent of Group profitability and profits from UK customers almost half of Group profitability."

"The Group faces a number of headwinds again in 2009, as has already been reflected in consensus expectations. In that context, the year has got off to a satisfactory start and we remain confident of the Group’s prospects."