Paddy Power Shares Slump On Results

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Paddy Power shares drop on outcomes


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


The business's underlying operating profit fell to ₤ 80m, compared to ₤ 91m for the very same duration in 2017.


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


New betting taxes and start-up losses in the US likewise took their toll.
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The company 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 started quickly.


Paddy Power Betfair opened 3 new shops in the UK and two in Ireland throughout the quarter, taking its total to 631.
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'Good development'


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


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


"We have made great development versus our strategic priorities," said president Peter Jackson.
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"In Europe, the successful completion of our platform integration has actually led to a meaningful improvement to the Paddy Power product.
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"In Australia, Sportsbet continues to carry out well and is targeting more market share development."


"Weather is a big consider our market and the dreadful start to this promotion code year has actually impacted many services, not simply the bookmakers. It is not unexpected that revenues have actually plunged, but the real test will be through the spring and summer season," stated Andy Bell from Bettingodds.com, external.
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Betting firm 'failed problem gamblers'
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2 May 2018
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Bookies look for betting device reprieve


29 April 2018
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