Ireland-based bookmaker Paddy Power has blamed a run of "punter-friendly" sports results for a 15 per cent decline in pre-tax profits for the year ending 31 December 2009.
The group's operating profits declined by 12 per cent to €66.7m (£60.3m) for the 12-month period, compared with 2008, although the company opened 25 new UK retail shops - its largest amount for a single year.
Favourable sporting results during January helped Paddy Power to offset the impact of wintry weather conditions, which led to the cancellation of UK horse racing meetings and affected turnover.
Paddy Power chief executive Patrick Kennedy said: "Despite the economic problems, 2009 was a cracking year for Paddy Power punters on two fronts. The year saw a slew of punter-friendly sporting results which was the exact opposite to the experience of the prior year.
"Also, Paddy Power once again invested heavily in bringing unsurpassed value to our customers through a range of 'stand out' offers."
