paddy-power-shares-slump-on-results

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Paddy Power shares plunge on results
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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 revenue fell to ₤ 80m, compared with ₤ 91m for the exact same period in 2017.

It blamed bad weather in March for lower profits from horseracing after 14% of UK and Irish races were cancelled.
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New wagering taxes and losses in the US also took their toll.
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The company said it was planning to return ₤ 350m of cash to shareholders in the next 12 to 18 months, with a share buyback programme to be started quickly.

Paddy Power Betfair opened three new shops in the UK and two in Ireland during the quarter, taking its overall to 631.

'Good progress'

The company stated group income was down 2% at ₤ 408m for the quarter,
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Growth in football wagering was offset by "weak point in horseracing, which was adversely affected by the high level of weather-related cancellations".
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It expects full-year revenues to come in at between ₤ 470m and ₤ 485m.

"We have actually made great development against our tactical priorities," stated chief executive Peter Jackson.

"In Europe, the effective completion of our platform integration has actually led to a significant 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 big aspect in our industry and the dreadful start to this promotion code year has affected lots of organizations, not just the bookmakers. It is not surprising that revenues have actually plunged, but the yohaig code genuine test will be through the spring and summertime," stated Andy Bell from Bettingodds.com, external.

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2 May 2018
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