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Paddy Power shares drop 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 profit fell to ₤ 80m, compared to ₤ 91m for the very same period in 2017.

It blamed bad weather 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 likewise took their toll.

The firm stated it was planning to return ₤ 350m of money to shareholders in the next 12 to 18 months, with a share buyback programme to be started shortly.

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

'Good development'

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

Growth in football betting was balanced out by "weakness in horseracing, which was negatively affected by the yohaig code high level of weather-related cancellations".

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

"We have actually made good development against our strategic concerns," said chief executive Peter Jackson.

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

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

"Weather is a big consider our market and the terrible start to this promotion code year has actually impacted many businesses, not simply the bookmakers. It is not unexpected that profits have actually dropped, however the genuine test will be through the spring and summer," said Andy Bell from Bettingodds.com, external.

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