Trading Statement

Paddy Power plc
11 January 2005

                  Embargoed until 7.00 am on January 11th 2005


                                Paddy Power plc

                          Close Period Trading Update


Paddy Power expects profit before tax for the year to 31 December 2004 to be
approximately €32.1m, an increase of circa 57% on 2003. Basic Earnings Per Share
will be approximately 56.4 cent per share (2003: 36.97).


In the six months ended 30th June 2004 the Company produced record earnings on
the back of strong gross win percentages.  While the business has continued to
demonstrate strong turnover growth in the second half, unfavourable sporting
results over the fourth quarter, particularly in the busy December period, have
adversely affected the gross margin for the year.


However gross win percentages for the year will fall within the guided annual
ranges of 12% - 14% for retail, 8.5% - 9.5% for dial-a-bet and 7.5% - 8.5% for
online sportsbook and no change to these ranges is being guided for 2005. The
inherent nature of Bookmaking means that gross win will move within a range
during any given financial year subject to the vagaries of sporting results.


The business has continued to develop well in the second six months across all
channels, in line with stated objectives and is well positioned for 2005.


The Preliminary Results will be published during the week commencing 21 February
2005. A further announcement will be made as to the exact date.



                                     -Ends-




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