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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 bookmaker revealed frustrating first-quarter outcomes.

The company's underlying operating earnings was up to ₤ 80m, compared with ₤ 91m for the same period in 2017.
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It blamed bad weather condition in March for lower incomes from horseracing after 14% of UK and Irish races were cancelled.
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New wagering taxes and losses in the US also took their toll.

The firm said it was planning to return ₤ 350m of cash to shareholders in the next 12 to 18 months, with a share buyback program to be started soon.

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

'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 impacted by the high level of weather-related cancellations".

It expects full-year profits to come in at between ₤ 470m and ₤ 485m.

"We have actually made excellent development against our strategic priorities," said president Peter Jackson.
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"In Europe, the effective conclusion of our platform combination has actually led to a significant enhancement to the Paddy Power item.

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

"Weather is a big consider our industry and the awful start to this promotion code year has affected numerous businesses, not simply the yohaig code bookies. It is not unexpected that profits have dropped, however the real test will be through the spring and summer season," said Andy Bell from Bettingodds.com, external.
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