Paddy Power shares slump on outcomes
Shares in Paddy Power Betfair have fallen by about 5% after the bookmaker revealed disappointing first-quarter results.
The company's underlying profit fell to ₤ 80m, compared to ₤ 91m for the same duration in 2017.
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 also took their toll.
The company stated it was planning to return ₤ 350m of money to investors in the next 12 to 18 months, with a share buyback programme to be started soon.
bit.ly
Paddy Power Betfair opened three new stores in the UK and 2 in Ireland during the quarter, taking its overall to 631.
bit.ly
'Good progress'
bit.ly
the yohaig code company said group earnings was down 2% at ₤ 408m for the quarter,
bet9ja.com
Growth in football betting was offset by "weak point in horseracing, which was adversely affected by the yohaig code high level of weather-related cancellations".
It expects full-year revenues to come in at in between ₤ 470m and ₤ 485m.
bet9ja.com
"We have actually made great progress against our tactical priorities," stated president Peter Jackson.
"In Europe, the successful conclusion of our platform integration has led to a meaningful enhancement to the Paddy Power item.
bet9ja.com
"In Australia, Sportsbet continues to carry out well and is targeting further market share growth."
"Weather is a big aspect in our market and the awful start to this promotion code year has impacted lots of businesses, not simply the yohaig code bookmakers. It is not surprising that revenues have slumped, but the genuine test will be through the spring and summer," said Andy Bell from Bettingodds.com, external.
Betting company 'failed problem gamblers'
bet9ja.com
2 May 2018
Bookies look for betting machine reprieve
29 April 2018
1
Paddy Power Shares Slump On Results
florlesina6848 edited this page 2025-10-24 19:05:25 +00:00