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Paddy Power's Kennedy cashes in

Paddy Power 's surging share price over the past year was underpinned by an impressive set of recent full-year results. The Irish bookie's reliance on free-spending Aussie gamblers and an impressive digital operation meant that a €1m (£840,000) share sale by chief executive Patrick Kennedy looks decidedly well earned - especially after annoying the National Trust by 'painting' a jockey on the Uffington white horse. And, let's face it, with the Cheltenham Gold Cup already underway, and quickly followed by the Grand National at Aintree, which true punter wants to keep money in the bank earning just 0.5 per cent interest?

Julian Hofmann

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By Julian Hofmann, Malar Velaigam and Robert Ansted,
14 March 2012

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