paddy-power-shares-slump-on-results

bet9ja.com
Paddy Power shares slump on results
bit.ly
Shares in Paddy Power Betfair have actually fallen by about 5% after the bookie unveiled disappointing first-quarter outcomes.

The business's underlying operating earnings fell to ₤ 80m, compared to ₤ 91m for the yohaig code exact same period in 2017.
bet9ja.com
It blamed bad weather condition in March for lower revenues from horseracing after 14% of UK and Irish races were cancelled.

New wagering taxes and start-up losses in the US likewise took their toll.

The company said 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 shortly.
bet9ja.com
Paddy Power Betfair opened three new shops in the UK and 2 in Ireland during the quarter, taking its overall to 631.

'Good development'

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

Growth in football betting was balanced out by "weakness in horseracing, which was adversely impacted by the high level of weather-related cancellations".
bet9ja.com
It expects full-year profits to come in at between ₤ 470m and ₤ 485m.
bit.ly
"We have actually made excellent progress versus our strategic priorities," stated president Peter Jackson.
bit.ly
"In Europe, the successful conclusion of our platform combination has actually led to a meaningful enhancement to the Paddy Power item.

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

"Weather is a huge factor in our industry and the awful start to this promotion code year has affected lots of organizations, not just the bookies. It is not surprising that profits have actually dropped, however the genuine test will be through the spring and summer," stated Andy Bell from Bettingodds.com, external.

Betting company 'failed issue bettors'
bet9ja.com
2 May 2018

Bookies look for gambling machine reprieve

29 April 2018
bit.ly