Preliminary results for the year ended 31 December 2006 show that both the UK’s William Hill and Ireland’s Paddy Power have seen a rise in profits last year. William Hill reports cash generated from operations before tax and interest up 30% to £313.9 million (US$603.3 million). Paddy Power announced profit before tax up 52% to €47.6 million (US$62.4 million). Both companies are confident of good future prospects for their businesses.

William Hill’s Chairman Charles Scott commented, “The Group has seen strong profit growth in the period, with the Group realising the full-year benefits of the Stanley Retail acquisition and benefiting from good organic growth throughout the rest of the business. Profit before finance charges and exceptional items was 19% higher than last year and earnings per share excluding exceptional items increased by 24%.“ He added, “We remain confident of the Group’s future prospects and are committed to delivering value to shareholders. The Board has resolved to increase the final dividend by 19% to 14.5 pence per share.”

Commenting on the Paddy Power results the company’s Chief Executive Patrick Kennedy said, “2006 has been an exceptional year for Paddy Power, with very strong growth in each of our businesses. Notably the results also reflect substantial investment to exploit future growth opportunities, which position us well for continued success in 2007 and beyond."

Paddy Power had its gross win boosted by 64% with an increase in win from online gaming and FOBTs. The company plans a continued enhancement of its online businesses and will launch a German language sportsbook and bingo. William Hill, together with Spanish company Codere, is to exploit opportunities in Spain and Italy. A strong performance in its Retail sector was the result of the successful integration of Stanley Retail and the completion of the roll-out of EPOS. (E-03.05.07)

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