Paddy Power chief executive officer (CEO) Patrick Kennedy will step down from the top post at the Irish gambling group in April next year.

Unveiling his decision at the group's annual general meeting (AGM) in Dublin yesterday, Mr. Kennedy also announced that he will not go up against the group in any new role after his retirement.

Bookmaker Paddy Power announced on Tuesday that its profits for 2009 tumbled year-on-year 15 per cent to 67.2 million euros.

Paddy Power described the past year as ‘cracking year for punters’ as its punters enjoyed a series of winning results.

Paddy Power suffered as punters won, particularly with bets placed on Ireland's Six Nations rugby grand slam and horse racing.

Dublin-based bookmaker Paddy Power, which owns 80 shops in Britain, has reported a 26 per cent drop in pre-tax profits to €34 million for the first half of 2009, owing to a series of unwelcome sporting results.

Sporting results which hit the results of Paddy Power includes Irish rugby's most successful season ever, the supremacy of English football’s “Big Four” clubs along with jockey Ruby Walsh's record seven winners at the Cheltenham festival.