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Paddy Power Shares Slump On Results

Paddy Power shares slump on results

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

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

It blamed bad weather 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 yohaig code US also took their toll.

The company stated it was planning to return ₤ 350m of cash to shareholders in the next 12 to 18 months, with a share buyback programme to be started soon.

Paddy Power Betfair opened three brand-new stores in the UK and two in Ireland throughout the quarter, taking its overall to 631.

‘Good progress’

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

Growth in football wagering was offset by “weak point in horseracing, which was negatively impacted by the high level of weather-related cancellations”.

It anticipates full-year revenues to come in at between ₤ 470m and ₤ 485m.

“We have made great development against our strategic top priorities,” said president Peter Jackson.

“In Europe, the yohaig code successful conclusion of our platform combination has led to a meaningful improvement to the Paddy Power item.

“In Australia, Sportsbet continues to carry out well and is targeting further market share development.”

“Weather is a big element in our market and the dreadful start to this promotion code year has affected numerous services, not simply the bookmakers. It is not unexpected that profits have actually dropped, however the real test will be through the spring and summer,” said Andy Bell from Bettingodds.com, external.

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