Paddy Power Blames Winning Punters for Lagging Profit Margins
Ireland-based Paddy Power says results favourable to punters have resulted in a slowdown in growth the first half of the year.
Shares in the betting firm have fallen sharply in recent days with the sudden news that long time exec Breon Corcoran had resigned as CEO.
The company was the biggest faller on the FTSE 100 on Tuesday, down 5% on the news that revenue growth had fallen 9% from 18% in the same period a year earlier. First-half revenue of £827m included a £40m boost from the weakness of the pound since the Brexit vote.
The shares took another hit Wednesday, dropping 0.22% to 7,244.35.
Paddy Power Betfair said on Monday that Corcoran would be replaced by Peter Jackson, a non-executive director at the gambling firm and chief executive of the UK business of Worldpay.
- Aaron Goldstein, Gambling911.com
