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Paddy Power shares plunge on results

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

The company's underlying operating revenue was up to ₤ 80m, compared with ₤ 91m for the same period in 2017.

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

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

'Good progress'

The company said group earnings was down 2% at ₤ 408m for the quarter,

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

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

"We have actually made great development versus our strategic priorities," stated president Peter Jackson.

"In Europe, the successful conclusion of our platform integration has resulted in a meaningful improvement to the Paddy Power item.

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

"Weather is a huge consider our market and the dreadful start to this promotion code year has affected many organizations, not just the bookmakers. It is not surprising that revenues have actually plunged, but the yohaig code real test will be through the spring and summer," stated Andy Bell from Bettingodds.com, external.

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