Despite fall in earnings in the first quarter
Paddy Power Betfair is launching a £500m cash buyback to shareholders despite reporting a fall in first quarter earnings by 6 per cent amid new taxes, levies and start-up losses in the US.
The group’s share buyback programme will take place over the next 12 to 18 months.
“We have made good progress against our strategic priorities,” Paddy Power Betfair Chief Executive Peter Jackson stated, adding: “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.”
The group’s operating profit was down to £80m from £91m for the same period last year.