paddy-power-shares-slump-on-results

Paddy Power shares slump on outcomes

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

The business's revenue was up to ₤ 80m, compared with ₤ 91m for the same duration in 2017.

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

New wagering taxes and start-up losses in the US likewise took their toll.
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The company said it was preparing to return ₤ 350m of money to shareholders in the next 12 to 18 months, with a share buyback programme to be initiated quickly.
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Paddy Power Betfair opened three new stores in the UK and 2 in Ireland during the quarter, taking its overall to 631.
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'Good progress'

The business stated group earnings was down 2% at ₤ 408m for the quarter,
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Growth in football betting 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.
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"We have made great progress versus our strategic concerns," stated president Peter Jackson.

"In Europe, the successful completion of our platform integration has actually resulted in a meaningful enhancement to the Paddy Power item.
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"In Australia, Sportsbet continues to carry out well and is targeting additional market share growth."
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"Weather is a big aspect in our market and the terrible start to this promotion code year has actually impacted numerous services, not just the bookies. It is not surprising that profits have slumped, however the genuine test will be through the spring and summertime," stated Andy Bell from Bettingodds.com, external.

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