Paddy Power shares drop on outcomes

Shares in Paddy Power Betfair have actually fallen by about 5% after the bookmaker unveiled disappointing first-quarter outcomes.

The company's underlying operating revenue fell to ₤ 80m, compared with ₤ 91m for the yohaig code very same period in 2017.

It blamed bad weather condition 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 company said it was preparing to return ₤ 350m of money to shareholders in the next 12 to 18 months, with a share buyback program to be initiated shortly.

Paddy Power Betfair opened three brand-new shops in the yohaig code UK and 2 in Ireland throughout the yohaig code quarter, taking its overall to 631.

'Good development'

The business stated group earnings was down 2% at ₤ 408m for the quarter,

Growth in football betting was offset by "weakness in horseracing, which was adversely impacted by the high level of weather-related cancellations".

It expects full-year profits to come in at in between ₤ 470m and ₤ 485m.

"We have actually made great progress versus our tactical concerns," stated president Peter Jackson.

"In Europe, the successful conclusion of our platform integration has actually 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 big element in our market and the horrible start to this year has affected many organizations, not just the bookmakers. It is not unexpected that revenues have plunged, however the real test will be through the spring and summer season," stated Andy Bell from Bettingodds.com, external.

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