Paddy Power shares slump on outcomes
Shares in Paddy Power Betfair have actually fallen by about 5% after the bookie unveiled disappointing first-quarter outcomes.
The company's underlying operating earnings fell to ₤ 80m, compared to ₤ 91m for the same period in 2017.
It blamed bad weather in March for lower profits 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.
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The company stated it was planning to return ₤ 350m of money to investors in the next 12 to 18 months, with a share buyback program to be initiated shortly.
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Paddy Power Betfair opened three brand-new stores in the UK and 2 in during the quarter, taking its total to 631.
'Good development'
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The company stated group revenue was down 2% at ₤ 408m for the quarter,
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Growth in football betting was balanced out by "weakness in horseracing, which was adversely impacted by the high level of weather-related cancellations".
It anticipates full-year earnings to come in at between ₤ 470m and ₤ 485m.
"We have made great development against our tactical top priorities," said primary executive Peter Jackson.
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"In Europe, the successful completion of our platform combination has led to a meaningful enhancement to the Paddy Power item.
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"In Australia, Sportsbet continues to carry out well and is targeting additional market share growth."
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"Weather is a big aspect in our market and the horrible start to this promotion code year has impacted lots of services, not just the bookies. It is not surprising that profits have slumped, however the real test will be through the yohaig code spring and summertime," stated Andy Bell from Bettingodds.com, external.
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Paddy Power Shares Slump On Results
minervapilking edited this page 2025-10-20 18:22:52 +08:00