crystlefontain

Paddy Power Shares Slump On Results

Paddy Power shares slump on outcomes

Shares in Paddy Power Betfair have actually fallen by about 5% after the bookie revealed frustrating first-quarter outcomes.

the yohaig code business’s profit was up to ₤ 80m, compared with ₤ 91m for the exact same period in 2017.

It blamed bad weather in March for lower earnings 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 firm said it was preparing to return ₤ 350m of money to shareholders in the yohaig code next 12 to 18 months, with a share buyback program to be initiated quickly.

Paddy Power Betfair opened 3 brand-new stores in the UK and 2 in Ireland throughout the quarter, taking its total to 631.

‘Good development’

The business stated group earnings 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 expects full-year earnings to come in at in between ₤ 470m and ₤ 485m.

“We have actually made great progress against our tactical concerns,” said primary executive Peter Jackson.

“In Europe, the successful completion of our platform combination has actually led to a meaningful improvement to the Paddy Power item.

“In Australia, Sportsbet continues to carry out well and is targeting more market share development.”

“Weather is a big factor in our market and the yohaig code terrible start to this promotion code year has actually affected lots of services, not just the bookmakers. It is not surprising that earnings have actually slumped, but the real test will be through the spring and summertime,” said Andy Bell from Bettingodds.com, external.

Betting firm ‘stopped working problem gamblers’

2 May 2018

Bookies look for gambling machine reprieve

29 April 2018