1 Paddy Power Shares Slump On Results
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Paddy Power shares plunge on results
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Shares in Paddy Power Betfair have actually fallen by about 5% after the bookie revealed frustrating first-quarter outcomes.

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

It blamed bad weather condition in March for lower incomes from horseracing after 14% of UK and Irish races were cancelled.
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New wagering taxes and start-up losses in the US also took their toll.
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The firm stated it was planning to return ₤ 350m of money to shareholders in the next 12 to 18 months, with a share buyback program to be initiated quickly.
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Paddy Power Betfair opened 3 new shops in the UK and two in Ireland throughout the yohaig code quarter, taking its overall to 631.
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'Good development'

The business said group income was down 2% at ₤ 408m for the quarter,

Growth in football wagering was balanced out by "weakness in horseracing, which was adversely affected by the high level of weather-related cancellations".

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

"We have actually made great development against our tactical concerns," said president Peter Jackson.
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"In Europe, the effective completion of our platform combination has actually led to a meaningful enhancement to the Paddy Power product.
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"In Australia, Sportsbet continues to carry out well and is targeting further market share growth."
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"Weather is a huge factor in our market and the horrible start to this promotion code year has impacted lots of companies, not just the . It is not unexpected that profits have actually slumped, however the real test will be through the spring and summer season," said Andy Bell from Bettingodds.com, external.

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