Paddy Power shares slump on outcomes
Shares in Paddy Power Betfair have fallen by about 5% after the bookmaker revealed disappointing first-quarter outcomes.
The company's underlying operating profit fell to ₤ 80m, compared to ₤ 91m for the exact same duration in 2017.
It blamed bad weather in March for lower earnings from horseracing after 14% of UK and Irish races were cancelled.
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New betting taxes and start-up losses in the US also took their toll.
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The firm stated it was preparing to return ₤ 350m of cash to shareholders in the next 12 to 18 months, with a share buyback program to be initiated soon.
Paddy Power Betfair opened three brand-new stores in the UK and two in Ireland throughout the quarter, taking its total to 631.
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'Good progress'
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The said group income was down 2% at ₤ 408m for the quarter,
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Growth in football betting was balanced out by "weak point in horseracing, which was negatively affected by the high level of weather-related cancellations".
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It expects full-year earnings to come in at between ₤ 470m and ₤ 485m.
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"We have made great progress versus our strategic priorities," said president Peter Jackson.
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"In Europe, the effective completion of our platform integration has actually led to 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 big consider our industry and the yohaig code awful start to this promotion code year has affected numerous services, not just the bookmakers. It is not unexpected that profits have slumped, however the yohaig code genuine test will be through the yohaig code spring and summer," said Andy Bell from Bettingodds.com, external.
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Paddy Power Shares Slump On Results
ariel40t48472 edited this page 2025-10-20 18:49:07 +08:00