Paddy Power Shares Slump On Results

Paddy Power shares slump on outcomes
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Shares in Paddy Power Betfair have fallen by about 5% after the bookmaker unveiled disappointing first-quarter outcomes.
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The company's underlying operating profit fell to ₤ 80m, compared with ₤ 91m for the same duration in 2017.


It weather in March for lower revenues 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 firm stated it was preparing to return ₤ 350m of money to shareholders in the next 12 to 18 months, with a share buyback programme to be started shortly.


Paddy Power Betfair opened 3 brand-new shops in the UK and 2 in Ireland during the yohaig code quarter, taking its total to 631.
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'Good development'
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The business stated group income was down 2% at ₤ 408m for the quarter,


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


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


"We have made good progress against our strategic concerns," stated president Peter Jackson.


"In Europe, the successful completion of our platform integration has actually resulted in a meaningful improvement to the Paddy Power item.


"In Australia, Sportsbet continues to perform well and is targeting further market share growth."
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"Weather is a huge consider our market and the horrible start to this promotion code year has impacted numerous companies, not simply the bookmakers. It is not unexpected that earnings have actually dropped, but the real test will be through the spring and summer," said Andy Bell from Bettingodds.com, external.


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