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Paddy Power shares plunge on results

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

The company's underlying operating profit fell to ₤ 80m, compared to ₤ 91m for the same duration 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 US also took their toll.

the yohaig code firm said it was preparing to return ₤ 350m of cash to investors in the next 12 to 18 months, with a share buyback programme to be initiated shortly.

Paddy Power Betfair opened 3 brand-new shops in the UK and 2 in Ireland during the quarter, taking its total to 631.

'Good progress'

the yohaig code company said group income was down 2% at ₤ 408m for the quarter,

Growth in football wagering was balanced out by "weakness in horseracing, which was adversely affected by the high level of weather-related cancellations".

It expects full-year earnings to come in at in between ₤ 470m and ₤ 485m.

"We have made great progress versus our tactical concerns," said primary executive Peter Jackson.

"In Europe, the yohaig code successful completion of our platform integration has led to a significant enhancement to the Paddy Power product.

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

"Weather is a big consider our industry and the horrible start to this promotion code year has many businesses, not simply the bookies. It is not surprising that profits have actually plunged, but the real test will be through the spring and summertime," stated Andy Bell from Bettingodds.com, external.

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