Paddy Power profits from Australia expansion

http://www.bbc.co.uk/go/rss/int/news/-/news/business-12662809

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Irish bookmaker Paddy Power has reported a 55% rise in annual profits, helped by its expansion in Australia.

Pre-tax profits rose to 104.2m euros (£89.6m; $145.6)) in 2010 from 67.2m euros in 2009, <a href="http://www.paddypowerplc.com/uploads/documents/paddy-power-plc-2010-preliminary-financials.pdf" >the company's results statement revealed.</a>

The 2010 figure included a full year's contribution from Australian betting company Sportsbet.

Paddy Power first bought 51% of Sportsbet in 2009 and took full control of it in December 2010.

Paddy Power said that almost two-thirds of its profits last year were generated outside of the Republic of Ireland.

It added that 2011 had started well, with turnover in the first two months up 16% on the same period a year earlier, and said it looked forward to the rest of the year with confidence.