Paddy Power Shares Slump On Results

Paddy Power shares drop on outcomes

Shares in Paddy Power Betfair have fallen by about 5% after the bookmaker revealed disappointing first-quarter results.

The business's underlying operating profit fell to ₤ 80m, compared with ₤ 91m for the yohaig code same period in 2017.
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It blamed bad weather in March for lower profits from horseracing after 14% of UK and Irish races were cancelled.
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New betting taxes and losses in the US also took their toll.
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The firm stated it was planning to return ₤ 350m of cash to investors in the next 12 to 18 months, with a share buyback program to be initiated shortly.
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Paddy Power Betfair opened three new stores in the UK and two in Ireland throughout the quarter, taking its overall to 631.
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'Good development'
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The business said group revenue was down 2% at ₤ 408m for the quarter,
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Growth in football wagering was balanced out by "weakness in horseracing, which was negatively affected by the high level of weather-related cancellations".
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It expects full-year earnings to come in at in between ₤ 470m and ₤ 485m.

"We have actually made great development versus our strategic concerns," stated president Peter Jackson.

"In Europe, the effective completion of our platform integration has actually resulted in a meaningful enhancement to the Paddy Power product.
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"In Australia, Sportsbet continues to perform well and is targeting more market share development."

"Weather is a big factor in our industry and the terrible start to this promotion code year has actually affected lots of services, not just the bookies. It is not surprising that earnings have actually plunged, however the genuine test will be through the spring and summer," said Andy Bell from Bettingodds.com, external.
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