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Paddy Power on outcomes
Shares in Paddy Power Betfair have fallen by about 5% after the bookmaker unveiled disappointing first-quarter outcomes.
The business's underlying operating revenue fell to ₤ 80m, compared with ₤ 91m for the yohaig code very same duration in 2017.
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It blamed bad weather in March for lower earnings 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 preparing to return ₤ 350m of money to shareholders in the next 12 to 18 months, with a share buyback programme to be initiated soon.
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Paddy Power Betfair opened three brand-new stores in the yohaig code UK and two in Ireland throughout the quarter, taking its overall to 631.
'Good progress'
The business stated group profits was down 2% at ₤ 408m for the quarter,
Growth in football betting was balanced out by "weakness in horseracing, which was adversely affected by the high level of weather-related cancellations".
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It anticipates full-year profits to come in at between ₤ 470m and ₤ 485m.
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"We have actually made great progress against our tactical priorities," stated chief executive Peter Jackson.
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"In Europe, the successful completion of our platform combination has resulted in a significant improvement to the Paddy Power product.
"In Australia, Sportsbet continues to carry out well and is targeting more market share development."
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"Weather is a big aspect in our market and the horrible start to this promotion code year has affected lots of companies, not simply the bookies. It is not unexpected that revenues have actually plunged, however the real test will be through the spring and summertime," said Andy Bell from Bettingodds.com, external.
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Paddy Power Shares Slump On Results
williameisenho edited this page 2025-10-21 20:58:09 +08:00