Paddy Power shares plunge on outcomes
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Shares in Paddy Power Betfair have fallen by about 5% after the bookie unveiled disappointing first-quarter outcomes.
The company's underlying operating revenue fell to ₤ 80m, compared to ₤ 91m for the yohaig code same period in 2017.
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It blamed bad weather condition in March for lower incomes from horseracing after 14% of UK and Irish races were cancelled.
New betting taxes and start-up losses in the US also took their toll.
the yohaig code company said it was planning to return ₤ 350m of cash to investors in the next 12 to 18 months, with a programme to be initiated shortly.
Paddy Power Betfair opened 3 brand-new shops in the UK and 2 in Ireland throughout the quarter, taking its total to 631.
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'Good development'
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The business stated group earnings was down 2% at ₤ 408m for the quarter,
Growth in football wagering was balanced out by "weakness in horseracing, which was negatively impacted by the high level of weather-related cancellations".
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It expects full-year revenues to come in at between ₤ 470m and ₤ 485m.
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"We have made great progress versus our strategic priorities," stated primary executive Peter Jackson.
"In Europe, the successful conclusion of our platform combination has resulted in a significant enhancement to the Paddy Power product.
"In Australia, Sportsbet continues to perform well and is targeting further market share growth."
"Weather is a huge factor in our industry and the horrible start to this promotion code year has actually impacted lots of companies, not just the yohaig code bookmakers. It is not unexpected that revenues have actually slumped, but the real test will be through the spring and summer," stated Andy Bell from Bettingodds.com, external.
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Paddy Power Shares Slump On Results
ashleighmack8 edited this page 2025-10-26 23:48:56 +08:00