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Paddy Power shares plunge on outcomes

Shares in Paddy Power Betfair have fallen by about 5% after the bookmaker unveiled disappointing first-quarter outcomes.

The business's underlying operating profit was up to ₤ 80m, with ₤ 91m for the very same period in 2017.

It blamed bad weather in March for lower earnings 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 company stated it was planning to return ₤ 350m of cash to investors in the next 12 to 18 months, with a share buyback program to be initiated quickly.

Paddy Power Betfair opened three new stores in the UK and 2 in Ireland throughout the quarter, taking its total to 631.

'Good progress'

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

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

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

"We have actually made great development versus our strategic concerns," said president Peter Jackson.

"In Europe, the successful conclusion of our platform combination has actually resulted in a significant improvement to the Paddy Power product.

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

"Weather is a big consider our market and the terrible start to this promotion code year has affected numerous organizations, not just the bookmakers. It is not surprising that profits have plunged, but the real test will be through the spring and summertime," stated Andy Bell from Bettingodds.com, external.

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