Paddy Power shares drop on outcomes

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

The company's underlying operating revenue was up to ₤ 80m, compared to ₤ 91m for the very same period in 2017.
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It blamed bad weather in March for lower earnings 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 yohaig code company stated it was preparing to return ₤ 350m of money to investors in the next 12 to 18 months, with a share buyback programme to be initiated soon.
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Paddy Power Betfair opened three new shops in the UK and 2 in Ireland during the quarter, taking its overall to 631.
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'Good development'
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The said group revenue was down 2% at ₤ 408m for the quarter,
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Growth in football betting was offset by "weak point in horseracing, which was negatively impacted by the high level of weather-related cancellations".
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It anticipates full-year profits to come in at in between ₤ 470m and ₤ 485m.

"We have actually made great development versus our tactical top priorities," said president Peter Jackson.
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"In Europe, the successful conclusion of our platform combination has led to a significant enhancement to the Paddy Power item.

"In Australia, Sportsbet continues to carry out well and is targeting more market share development."
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"Weather is a big factor in our industry and the dreadful start to this year has actually affected many businesses, not simply the yohaig code bookies. It is not unexpected that earnings have actually plunged, however the real test will be through the yohaig code spring and summertime," said Andy Bell from Bettingodds.com, external.
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