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Paddy Power shares slump on outcomes

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

The company's underlying operating earnings fell to ₤ 80m, compared with ₤ 91m for the exact same duration in 2017.

It blamed bad weather in March for lower profits from horseracing after 14% of UK and Irish races were cancelled.

New betting taxes and start-up losses in the US also took their toll.
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The company stated it was to return ₤ 350m of cash to investors in the yohaig code next 12 to 18 months, with a share buyback program to be started soon.

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'

The company stated group profits was down 2% at ₤ 408m for the quarter,

Growth in football betting was offset by "weakness in horseracing, which was adversely affected by the high level of weather-related cancellations".
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It anticipates full-year revenues to come in at in between ₤ 470m and ₤ 485m.

"We have actually made great progress against our strategic concerns," stated primary executive Peter Jackson.

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

"Weather is a huge element in our industry and the horrible start to this promotion code year has affected lots of companies, not simply the bookies. It is not unexpected that revenues have dropped, but the genuine test will be through the spring and summer season," stated Andy Bell from Bettingodds.com, external.

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