Profits at Irish bookmaker Paddy Power have rebounded strongly after punters' fortunes took a turn for the worse in the first six months of the year.
The firm reported interim pre-tax profits of 18.7m euros (£12.6m; $22.6m), up from 7.2m euros last year.
In 2003, the company's profits were hit by a record number of successful favourites at the Cheltenham festival and a popular Grand National winner.
"A year is a long time in bookmaking!" said chairman Fintan Drury.
The firm had a much better Cheltenham Festival this year and it was also helped by underdogs Greece winning the Euro 2004 football championship.
However, Paddy Power noted that its run of good fortune during the first half of the year was, under normal circumstances, unlikely to continue for the rest of 2004.
Paddy Power currently has 141 outlets in Ireland and 20 in the UK, although in an interview with AFX news, finance director Ross Ivers said it planned to expand its UK presence.
The number of UK outlets should reach 30 by the end of the year, with a further 50 due to open in 2005, Mr Ivers said.
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