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Paddy Power shares drop on outcomes

Shares in Paddy Power Betfair have actually fallen by about 5% after the bookie unveiled disappointing first-quarter outcomes.
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The company's underlying operating profit fell to ₤ 80m, compared with ₤ 91m for the same period in 2017.

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

New wagering taxes and start-up losses in the yohaig code US likewise took their toll.
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The company stated it was preparing to return ₤ 350m of cash to shareholders in the yohaig code next 12 to 18 months, with a share buyback program to be started 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 development'

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

Growth in football betting was offset by "weak point in horseracing, which was adversely affected by the high level of weather-related cancellations".

It earnings to come in at in between ₤ 470m and ₤ 485m.
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"We have made great progress against our tactical concerns," said president Peter Jackson.

"In Europe, the effective conclusion of our platform integration has resulted in a significant enhancement to the Paddy Power item.
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"In Australia, Sportsbet continues to perform well and is targeting more market share development."

"Weather is a huge element in our market and the dreadful start to this promotion code year has affected many services, not just the bookies. It is not surprising that profits have actually dropped, however the real test will be through the spring and summer," stated Andy Bell from Bettingodds.com, external.

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