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Paddy Power shares plunge on results
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Shares in Paddy Power Betfair have actually fallen by about 5% after the bookie unveiled disappointing first-quarter outcomes.
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the yohaig code business's underlying operating earnings was up to ₤ 80m, compared with ₤ 91m for the same period in 2017.
It blamed bad weather condition in March for lower revenues from horseracing after 14% of UK and Irish races were cancelled.
New betting taxes and start-up losses in the US also took their toll.
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The company stated it was preparing to return ₤ 350m of money to shareholders in the next 12 to 18 months, with a share buyback program to be initiated quickly.
Paddy Power Betfair opened three in the UK and two in Ireland throughout the yohaig code quarter, taking its overall to 631.
'Good progress'
The business stated group earnings was down 2% at ₤ 408m for the yohaig code quarter,
Growth in football wagering was offset by "weak point in horseracing, which was negatively affected by the high level of weather-related cancellations".
It anticipates full-year earnings to come in at in between ₤ 470m and ₤ 485m.
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"We have actually made great development versus our strategic priorities," stated primary executive Peter Jackson.
"In Europe, the effective completion of our platform integration has led to a significant enhancement to the Paddy Power item.
"In Australia, Sportsbet continues to perform well and is targeting additional market share growth."
"Weather is a big factor in our industry and the terrible start to this promotion code year has affected lots of companies, not simply the bookmakers. It is not surprising that revenues have slumped, however the real test will be through the spring and summertime," stated Andy Bell from Bettingodds.com, external.
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Paddy Power Shares Slump On Results
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