Paddy Power shares slump on results

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

The company's underlying operating profit was up to ₤ 80m, compared with ₤ 91m for the yohaig code very same period in 2017.
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It blamed bad weather condition in March for lower incomes from after 14% of UK and Irish races were cancelled.
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New betting taxes and start-up losses in the US also took their toll.
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The firm 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.
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Paddy Power Betfair opened 3 brand-new shops in the yohaig code UK and 2 in Ireland throughout the yohaig code quarter, taking its overall to 631.

'Good development'

The company stated group earnings was down 2% at ₤ 408m for the quarter,
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Growth in football betting was offset by "weakness in horseracing, which was adversely affected by the high level of weather-related cancellations".
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It anticipates full-year revenues to come in at in between ₤ 470m and ₤ 485m.
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"We have made great progress against our tactical concerns," said president Peter Jackson.

"In Europe, the successful completion of our platform integration has resulted in a significant enhancement to the Paddy Power product.
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"In Australia, Sportsbet continues to perform well and is targeting additional market share development."
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"Weather is a big consider our market and the horrible start to this promotion code year has affected many organizations, not just the bookmakers. It is not unexpected that revenues have plunged, however the genuine test will be through the spring and summertime," stated Andy Bell from Bettingodds.com, external.
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