Home Business NewsBusinessPaddy Power shares down after lacklustre profit outlook

Paddy Power shares down after lacklustre profit outlook

by Purvai Dua
8th Aug 18 8:36 am

Shares in Paddy Power were down 4 per cent in early trading today after the bookmaker cut its full-year outlook due to the introduction of additional taxes and losses from its growing US business.

The company reported a 4 per centย rise in first-half profits to ยฃ106m. โ€œWe have made substantial progress against our strategic priorities and trading in Q2 was good, with all brands and operating divisions contributing to the groupโ€™s double-digit revenue growth,โ€ Paddy Power Betfair Chief Executive Peter Jackson said in a statement.

However, it expected underlying earnings before interest, taxation, depreciation and amortisation, and before the impact of US sports betting, to be between ยฃ460-480m — down from an estimated range of ยฃ470m to ยฃ495m at its first-quarter results.

Paddy Power Betfair had agreed in May to merge its US business with the fantasy sports company to target a market that is set to open up in the coming years.

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