Paddy Power defies the odds

Bookmaker Paddy Power yesterday reported a 4pc increase in pre-tax profits to €79m for 2008 thanks mainly to growth in its online business. The bookmaker saw profits hold in the face of a sharp downturn and said there would be no job cuts or closures. All its rivals have announced such cuts. On the contrary, chief executive Patrick Kennedy reported that the group is well placed to grow the business as it is now able to secure prime high street retail slots previously closed off to bookmakers.