Paddy Power Shares Slump On Results

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


The business's underlying operating earnings fell to ₤ 80m, compared to ₤ 91m for the yohaig code 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 US likewise took their toll.


The company stated it was planning to return ₤ 350m of cash to investors in the next 12 to 18 months, with a share buyback programme to be started shortly.
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Paddy Power Betfair opened three brand-new stores in the UK and 2 in Ireland during the quarter, taking its overall to 631.
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'Good progress'
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The group income was down 2% at ₤ 408m for the quarter,
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Growth in football wagering was offset by "weakness in horseracing, which was adversely impacted by the high level of weather-related cancellations".


It anticipates full-year earnings to come in at in between ₤ 470m and ₤ 485m.
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"We have actually made great progress versus our tactical concerns," said president Peter Jackson.
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"In Europe, the effective completion of our platform combination has actually resulted in a meaningful improvement to the Paddy Power product.


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


"Weather is a huge consider our market and the dreadful start to this promotion code year has affected many businesses, not just the bookmakers. It is not unexpected that revenues have dropped, but the real test will be through the spring and summertime," said Andy Bell from Bettingodds.com, external.


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