paddy-power-shares-slump-on-results

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Paddy Power shares plunge on results

Shares in Paddy Power Betfair have actually fallen by about 5% after the bookie revealed disappointing first-quarter results.
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the yohaig code business's underlying operating revenue was up to ₤ 80m, compared to ₤ 91m for the same period in 2017.
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It blamed bad weather condition in March for lower incomes 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.
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The firm said it was planning to return ₤ 350m of money to shareholders in the yohaig code next 12 to 18 months, with a share buyback programme to be initiated quickly.

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

The business stated group revenue 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".

It revenues to come in at between ₤ 470m and ₤ 485m.
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"We have actually made great progress versus our tactical priorities," said president Peter Jackson.

"In Europe, the successful conclusion of our platform combination has resulted in a meaningful improvement to the Paddy Power item.
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"In Australia, Sportsbet continues to perform well and is targeting more market share growth."
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"Weather is a huge consider our market and the dreadful start to this year has affected numerous services, not simply the yohaig code bookmakers. It is not surprising that profits have actually dropped, however the yohaig code real test will be through the spring and summertime," said Andy Bell from Bettingodds.com, external.
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