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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 bookie unveiled frustrating first-quarter outcomes.
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The company's underlying operating revenue was up to ₤ 80m, compared with ₤ 91m for the yohaig code exact same duration in 2017.

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

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

the yohaig code firm said it was planning to return ₤ 350m of cash to investors in the next 12 to 18 months, with a share buyback programme to be initiated shortly.

Paddy Power Betfair opened 3 new shops in the UK and 2 in Ireland throughout the quarter, taking its overall to 631.

'Good development'

The business said group earnings was down 2% at ₤ 408m for the yohaig code quarter,

Growth in football wagering was balanced out by "weak point in horseracing, which was adversely impacted by the high level of weather-related cancellations".
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It expects full-year earnings to come in at between ₤ 470m and ₤ 485m.

"We have actually made great development against our tactical concerns," stated president Peter Jackson.

"In Europe, the successful completion of our platform integration has led to a significant enhancement to the Paddy Power item.

"In Australia, Sportsbet continues to carry out well and is targeting additional market share development."
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"Weather is a big consider our industry and the yohaig code awful start to this promotion code year has actually impacted lots of businesses, not simply the bookmakers. It is not surprising that revenues have plunged, but the real test will be through the spring and summer season," said Andy Bell from Bettingodds.com, external.

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