Paddy Power Shares Slump On Results

Paddy Power shares plunge on results

Shares in Paddy Power Betfair have fallen by about 5% after the bookie revealed frustrating first-quarter outcomes.

The company's underlying operating profit was up to ₤ 80m, compared with ₤ 91m for the very same period in 2017.

It blamed bad weather condition in March for lower revenues from horseracing after 14% of UK and Irish races were cancelled.
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New betting taxes and start-up losses in the US also took their toll.

The firm said it was preparing to return ₤ 350m of cash to investors in the next 12 to 18 months, with a share buyback program to be initiated soon.
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Paddy Power Betfair opened three new stores in the UK and 2 in Ireland throughout the quarter, taking its total to 631.
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'Good development'
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The said group income was down 2% at ₤ 408m for the quarter,
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Growth in football wagering was offset by "weak point in horseracing, which was adversely affected by the high level of weather-related cancellations".
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It expects full-year revenues to come in at in between ₤ 470m and ₤ 485m.
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"We have made great progress versus our tactical priorities," said president Peter Jackson.
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"In Europe, the successful conclusion of our platform combination has resulted in a significant enhancement to the Paddy Power product.

"In Australia, Sportsbet continues to carry out well and is targeting further market share growth."
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"Weather is a big element in our market and the awful start to this promotion code year has actually affected lots of businesses, not simply the bookies. It is not surprising that revenues have actually plunged, however the genuine test will be through the spring and summertime," stated Andy Bell from Bettingodds.com, external.

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