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| Version 1 | Version 2 |
|---|---|
| Paddy Power shares slump on results | Paddy Power shares slump on results |
| (about 1 hour later) | |
| Shares in Paddy Power Betfair have fallen by about 5% after the bookmaker unveiled disappointing first-quarter results. | |
| The company's underlying operating profit fell to £80m, compared with £91m for the same period in 2017. | The company's underlying operating profit fell to £80m, compared with £91m for the same period in 2017. |
| It blamed bad weather in March for lower revenues from horseracing after 14% of UK and Irish races were cancelled. | It blamed bad weather in March for lower revenues 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. | New betting taxes and start-up 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 programme to be initiated shortly. | The firm said it was planning to return £350m of cash to shareholders in the next 12 to 18 months, with a share buyback programme to be initiated shortly. |
| Paddy Power Betfair opened three new shops in the UK and two in Ireland during the quarter, taking its total to 631. | Paddy Power Betfair opened three new shops in the UK and two in Ireland during the quarter, taking its total to 631. |
| 'Good progress' | 'Good progress' |
| The company said group revenue was down 2% at £408m for the quarter, | The company said group revenue was down 2% at £408m for the quarter, |
| Growth in football betting was offset by "weakness in horseracing, which was adversely impacted by the high level of weather-related cancellations". | Growth in football betting 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. | It expects full-year profits to come in at between £470m and £485m. |
| "We have made good progress against our strategic priorities," said chief executive Peter Jackson. | "We have made good progress against our strategic priorities," said chief executive Peter Jackson. |
| "In Europe, the successful completion of our platform integration has resulted in a meaningful improvement to the Paddy Power product. | "In Europe, the successful completion of our platform integration has resulted in a meaningful improvement to the Paddy Power product. |
| "In Australia, Sportsbet continues to perform well and is targeting further market share growth." | "In Australia, Sportsbet continues to perform well and is targeting further market share growth." |