Paddy Power profits from Australia expansion

Paddy Power said it was confident about the year ahead

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, the company's results statement revealed.

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.