1 Paddy Power Shares Slump On Results
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Paddy Power shares slump on results

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

The company's underlying operating earnings fell to ₤ 80m, compared to ₤ 91m for the exact same period in 2017.

It blamed bad weather condition in March for lower incomes 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 yohaig code firm said it was preparing to return ₤ 350m of cash to investors in the next 12 to 18 months, with a share buyback program to be started soon.

Paddy Power opened 3 new shops in the yohaig code UK and 2 in Ireland during the quarter, taking its overall to 631.
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'Good development'

The business stated group income was down 2% at ₤ 408m for the quarter,

Growth in football betting was balanced out by "weakness in horseracing, which was adversely affected by the high level of weather-related cancellations".
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It expects full-year earnings to come in at between ₤ 470m and ₤ 485m.
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"We have actually made excellent development against our tactical priorities," said chief executive Peter Jackson.
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"In Europe, the effective completion of our platform combination has actually led to a meaningful enhancement to the Paddy Power item.

"In Australia, Sportsbet continues to perform well and is targeting more market share growth."

"Weather is a big factor in our industry and the horrible start to this promotion code year has actually impacted lots of companies, not just the bookies. It is not surprising that revenues have actually dropped, however the real test will be through the spring and summertime," said Andy Bell from Bettingodds.com, external.
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