paddy-power-shares-slump-on-results

Paddy Power shares slump on outcomes

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

The business's underlying operating profit fell to ₤ 80m, compared to ₤ 91m for the exact same period in 2017.
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It blamed bad weather in March for lower earnings from horseracing after 14% of UK and Irish races were cancelled.
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New wagering taxes and start-up losses in the US also took their toll.
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The firm stated it was preparing to return ₤ 350m of money 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 3 new stores in the UK and 2 in Ireland during the quarter, taking its overall to 631.
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'Good progress'
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The said group income was down 2% at ₤ 408m for the quarter,

Growth in football betting was balanced out by "weakness in horseracing, which was negatively impacted by the high level of weather-related cancellations".

It anticipates full-year earnings to come in at in between ₤ 470m and ₤ 485m.

"We have made good development against our strategic priorities," said president Peter Jackson.
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"In Europe, the effective completion of our platform combination has actually resulted in a meaningful enhancement to the Paddy Power product.

"In Australia, Sportsbet continues to carry out well and is targeting more market share development."
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"Weather is a big factor in our industry and the awful start to this promotion code year has affected numerous services, not simply the bookies. It is not surprising that earnings have actually dropped, however the genuine test will be through the spring and summertime," stated Andy Bell from Bettingodds.com, external.

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