Bookmaker Paddy Power has reported strong growth in turnover and expressed its confidence in weathering a run of bad results.

Incoming chairman Mr Fintan Drury told the group's annual general meeting in Dublin that turnover across the group had risen by 28 per cent in the year to date.

Turnover in the online division has risen by 130 per cent with Mr Drury describing its performance as "very satisfactory". Telephone betting sales are 57 per cent up on the same time last year. A share incentive plan to reward senior group managers was passed unopposed. Mr Drury said it was designed both to reward senior managers and attract new talent. He also praised the "unique contribution" of outgoing chairman and founder Mr Stewart Kenny, who will retain a seat on the board.