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Paddy Power shares drop on outcomes
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Shares in Paddy Power Betfair have fallen by about 5% after the frustrating first-quarter results.
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The business's underlying operating earnings fell to ₤ 80m, compared with ₤ 91m for the same duration in 2017.

It blamed bad weather in March for lower profits from horseracing after 14% of UK and Irish races were cancelled.

New betting taxes and start-up losses in the US also took their toll.

The company stated it was preparing to return ₤ 350m of cash 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 UK and two in Ireland throughout the quarter, taking its overall to 631.
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'Good development'

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

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

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

"We have actually made excellent development against our tactical priorities," stated president Peter Jackson.
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"In Europe, the effective conclusion of our platform combination has resulted in a meaningful enhancement to the Paddy Power item.
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"In Australia, Sportsbet continues to perform well and is targeting additional market share development."

"Weather is a big element in our market and the horrible start to this promotion code year has actually affected numerous businesses, not simply the bookies. It is not unexpected that earnings 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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