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Paddy Power shares slump on results
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Shares in Paddy Power Betfair have fallen by about 5% after the yohaig code bookie revealed frustrating first-quarter results.
The business's underlying operating revenue was up to ₤ 80m, compared to ₤ 91m for the exact same period in 2017.
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It blamed bad weather in March for lower incomes from horseracing after 14% of UK and Irish races were cancelled.
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New betting taxes and start-up losses in the US likewise took their toll.
The company said it was preparing to return ₤ 350m of cash to shareholders in the next 12 to 18 months, with a share buyback programme to be started soon.
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Paddy Power Betfair opened three new stores in the UK and 2 in Ireland during the quarter, taking its overall to 631.
'Good progress'
The business said group earnings was down 2% at ₤ 408m for the quarter,
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Growth in football wagering was offset by "weakness in horseracing, which was negatively impacted by the high level of weather-related cancellations".
It anticipates full-year earnings to come in at between ₤ 470m and ₤ 485m.
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"We have actually made great development against our strategic priorities," said president Peter Jackson.
"In Europe, the effective conclusion of our platform combination has led to a meaningful enhancement to the Paddy Power product.
"In Australia, Sportsbet continues to perform well and is targeting more market share growth."
"Weather is a huge consider our market and the yohaig code awful start to this promotion code year has actually affected numerous services, not just the bookies. It is not unexpected that profits have plunged, however the will be through the spring and summertime," stated Andy Bell from Bettingodds.com, external.
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Paddy Power Shares Slump On Results
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