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Paddy Power on results

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

The company's underlying operating earnings fell to ₤ 80m, compared with ₤ 91m for the yohaig code exact same period in 2017.

It blamed bad weather condition in March for lower profits 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 preparing to return ₤ 350m of cash to investors in the next 12 to 18 months, with a share buyback programme to be initiated quickly.

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

'Good development'

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

Growth in football betting was balanced out by "weak point in horseracing, which was negatively impacted by the high level of weather-related cancellations".

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

"We have actually made great progress against our strategic top priorities," stated president Peter Jackson.

"In Europe, the effective conclusion of our platform integration has led to a meaningful improvement to the Paddy Power item.

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

"Weather is a big factor in our market and the awful start to this promotion code year has affected many organizations, not just the bookmakers. It is not surprising that earnings have dropped, however the genuine test will be through the spring and summertime," stated Andy Bell from Bettingodds.com, external.

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