Paddy Power shares plunge on results
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Shares in Paddy Power Betfair have actually fallen by about 5% after the bookie unveiled frustrating first-quarter outcomes.
The business's underlying operating profit was up to ₤ 80m, compared to ₤ 91m for the same duration in 2017.
It blamed bad weather condition in March for lower revenues 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 also took their toll.
The firm stated it was planning to return ₤ 350m of money to shareholders in the next 12 to 18 months, with a share buyback programme to be initiated quickly.
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Paddy Power Betfair opened three new stores in the UK and two in Ireland throughout the quarter, taking its total to 631.
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'Good development'
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The company said group profits was down 2% at ₤ 408m for the quarter,
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Growth in football betting was out by "weakness in horseracing, which was negatively affected by the high level of weather-related cancellations".
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It anticipates full-year earnings to come in at between ₤ 470m and ₤ 485m.
"We have made great progress against our strategic concerns," said chief executive Peter Jackson.
"In Europe, the successful completion of our platform integration has led to a significant improvement to the Paddy Power product.
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"In Australia, Sportsbet continues to perform well and is targeting more market share development."
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"Weather is a huge consider our industry and the terrible start to this promotion code year has affected numerous services, not simply the bookmakers. It is not surprising that revenues have actually dropped, but the genuine test will be through the spring and summer season," said Andy Bell from Bettingodds.com, external.
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Paddy Power Shares Slump On Results
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