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Paddy Power shares slump on outcomes
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Shares in Paddy Power Betfair have fallen by about 5% after the bookie revealed disappointing first-quarter results.
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The company's underlying operating earnings fell to ₤ 80m, to ₤ 91m for the exact same period in 2017.

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

New wagering taxes and start-up losses in the US likewise took their toll.

the yohaig code firm stated it was preparing to return ₤ 350m of money to shareholders in the next 12 to 18 months, with a share buyback programme to be initiated soon.

Paddy Power Betfair opened three new shops in the UK and 2 in Ireland throughout the yohaig code quarter, taking its overall to 631.

'Good progress'

The company stated group profits was down 2% at ₤ 408m for the quarter,
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Growth in football betting was offset by "weakness in horseracing, which was negatively affected by the high level of weather-related cancellations".

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

"We have made great progress against our strategic priorities," said chief executive Peter Jackson.

"In Europe, the successful conclusion of our platform combination has actually resulted in a meaningful enhancement to the yohaig code Paddy Power item.

"In Australia, Sportsbet continues to carry out well and is targeting more market share development."

"Weather is a huge consider our industry and the terrible start to this promotion code year has affected numerous businesses, not just the bookies. It is not unexpected that profits have plunged, but the yohaig code real test will be through the spring and summer season," said Andy Bell from Bettingodds.com, external.

Betting firm 'failed issue bettors'
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2 May 2018
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Bookies look for gambling device reprieve

29 April 2018
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