Paddy Power, the Ireland-based bookmaker, has reported a 24 per cent decrease in operating profits during the first half of 2009, compared with the same period last year.

The company, which operates a total of 80 retail outlets in the UK, attributed the decline to a run of unfavourable sporting results, including jockey Ruby Walsh's record seven victories at the Cheltenham Festival and one of Irish rugby's most successful seasons culminating in Grand Slam success during the 2009 RBS Six Nations. Despite the fall in profits, Paddy Power said that it remains on track with plans to open 150 UK retail outlets by 2011, while the Irish government's decision to postpone a 2 per cent increase in betting tax has helped to offset the impact of poor sports results.

Patrick Kennedy, Paddy Power chief executive, said: "A swing in the year-on-year run of sporting results, a normal occupational hazard for bookmakers, has driven a reduction in our operating profit in the period but we're happy with the strong underlying performance. "In our online, Irish retail, UK retail and telephone divisions, we have grown our market share substantially. We now have a very strong position in the substantial UK online betting market, which is forecast to continue to grow strongly."