Paddy Power Shares Slump On Results Paddy Power shares plunge on results Shares in Paddy Power Betfair have actually fallen by about 5% after the bookie revealed disappointing first-quarter outcomes. The company's underlying operating earnings was up to ₤ 80m, compared to ₤ 91m for the same period in 2017. It blamed bad weather condition 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. The firm stated 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 soon. Paddy Power Betfair opened three new stores in the UK and two in Ireland during the quarter, taking its total to 631. 'Good progress' The business stated group revenue was down 2% at ₤ 408m for the quarter, Growth in football wagering was offset by "weakness in horseracing, which was negatively impacted by the high level of weather-related cancellations". It anticipates full-year revenues to come in at between ₤ 470m and ₤ 485m. "We have made great development against our tactical concerns," said president Peter Jackson. "In Europe, the effective conclusion of our platform integration has actually resulted in a meaningful improvement to the Paddy Power item. "In Australia, Sportsbet continues to carry out well and is targeting further market share development." "Weather is a huge factor in our market and the awful start to this year has affected many organizations, not simply the bookies. It is not unexpected that earnings have dropped, however the real test will be through the spring and summertime," said Andy Bell from Bettingodds.com, external.