Paddy Power shares drop on outcomes

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

The business's underlying operating profit was up to ₤ 80m, compared to ₤ 91m for the very same duration in 2017.

It blamed bad weather in March for lower profits from horseracing after 14% of UK and Irish races were cancelled.

New betting taxes and start-up losses in the US likewise took their toll.

The firm said it was preparing to return ₤ 350m of money to shareholders in the next 12 to 18 months, with a share buyback program to be started soon.

Paddy Power Betfair opened three brand-new stores in the UK and 2 in Ireland during the yohaig code quarter, taking its overall to 631.

'Good progress'

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

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

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

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

"In Europe, the successful conclusion 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 further market share development."

"Weather is a big consider our industry and the terrible start to this promotion code year has affected many businesses, not just the bookmakers. It is not unexpected that profits have dropped, but the yohaig code genuine test will be through the spring and summertime," stated Andy Bell from Bettingodds.com, external.

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