AGM Statement

Paddy Power plc
16 May 2006

             STRICTLY EMBARGOED UNTIL 7.00 AM ON TUESDAY 16TH May 2006


                                Paddy Power plc
                               AGM Trading Update


The Chairman of Paddy Power plc, Fintan Drury, will make the following statement
at the Company's Annual General Meeting to be held at 11am this morning (May
16th, 2006).

'For the 19 weeks to 9 May 2006, turnover and gross win growth has been strong
across all channels.

Group turnover has increased by approximately 25% in comparison to the same
period last year.  Turnover has increased by 19% in the retail channel, by 18%
in the telephone channel and by 44% in the online sportsbook, excluding gaming.
Gaming revenues within the online channel have seen continued strong growth and
are markedly up on 2005, given, in particular, the addition of poker revenue. On
a like-for-like comparison, gaming revenues are 27% ahead of the levels achieved
in the last 19 weeks of 2005.

The overall gross win percentage year-to-date is consistent with the Group's
guidance, whilst modestly below the weighted average mid-point of the guided
ranges.

Operating costs have continued to grow in line with our expectations, as a
result of both turnover growth and continued upfront investment for future
growth.  In the first 19 weeks of the year, operating costs were approximately
one third higher than in the equivalent period of 2005.

The major drivers of this increase included:

-   growth in the number of retail outlets (15% increase versus May 2005)
-   continued upgrading of the retail estate (including EPOS)
-   volume growth in the online and telephone channels
-   launch of new businesses and expansion of businesses recently launched in 
    the online channel
-   volume driven promotional and marketing spend

Product and geographical expansion in the online channel continues with the
launch of 'reverse' auctions in January and a German language online sportsbook
in April.  We also plan to launch an online bingo business during the summer.

The expansion of the Irish and United Kingdom retail estates has continued in
line with plan with three and four new outlets opened respectively. This takes
the combined total to 202 outlets; 153 within Ireland and 49 within the United
Kingdom. The opening of new outlets will continue with a target of six to ten
new outlets in Ireland and up to 15 new openings in the United Kingdom in 2006.

The Group remains confident about its growth prospects for the year.  The
outcome for the year should be in line with consensus market forecasts assuming
continued turnover growth in line with our expectations and on the critical
assumption that the overall gross win percentage is consistent with the
mid-points of the guided ranges for the remainder of the year.'


                                      ENDS


Issued on behalf of Paddy Power plc by Drury Communications

Oonagh Daly / Sarah Ryan                  Trevor Phillips

Drury Communications                      Holborn Public Relations, London

Tel: [phone]                      Tel: [phone]

Mobile: Sarah Ryan [phone]

         Oonagh Daly [phone]


For reference, contact:

Patrick Kennedy, Chief Executive Officer

Jack Massey, Finance Director,

Paddy Power plc

Tel: [phone]



                      This information is provided by RNS
            The company news service from the London Stock Exchange