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shares slump on outcomes
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Shares in Paddy Power Betfair have fallen by about 5% after the bookmaker unveiled frustrating first-quarter outcomes.
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The company's underlying operating profit fell to ₤ 80m, compared to ₤ 91m for the exact same period in 2017.
It blamed bad weather condition in March for lower revenues from horseracing after 14% of UK and Irish races were cancelled.
New betting taxes and start-up losses in the yohaig code US also took their toll.
The firm said it was planning to return ₤ 350m of cash to investors in the next 12 to 18 months, with a share buyback program to be started soon.
Paddy Power Betfair opened 3 new shops in the UK and 2 in Ireland throughout the quarter, taking its total to 631.
'Good progress'
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the yohaig code business stated group profits was down 2% at ₤ 408m for the quarter,
Growth in football wagering was offset by "weak point in horseracing, which was adversely impacted by the high level of weather-related cancellations".
It expects full-year earnings to come in at in between ₤ 470m and ₤ 485m.
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"We have actually made good development against our tactical priorities," stated primary executive Peter Jackson.
"In Europe, the effective completion 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 more market share growth."
"Weather is a big element in our industry and the terrible start to this promotion code year has affected many companies, not just the bookies. It is not surprising that earnings have actually plunged, but the real test will be through the spring and summertime," stated Andy Bell from Bettingodds.com, external.
Betting firm 'stopped working issue bettors'
2 May 2018
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Bookies look for betting device reprieve
29 April 2018
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Paddy Power Shares Slump On Results
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