Paddy Power Betfair Shares Fall on Slower Growth

Shares of the FTSE 100-listed online gambling company Paddy Power Betfair extended losses today after the company revealed a leadership change

Karen Kwok 8 August, 2017 | 4:01PM

The online gambling company Paddy Power Betfair (PPB) saw its shares fall 3.9% today, leading the FTSE 100 fallers, following the announcement of slower revenue growth.

Ahead of the company’s half year results today, the firm also revealed on Monday that chief executive Brenon Corcoran, who has spent 16 years with the firm, will step down. His position will be replaced by payments processor Worldpay’s UK chief executive Peter Jackson. The share price dropped 4.7% on the news.

Following the news of a leadership transition, shares of Paddy Power Betfair extended yesterday’s losses today as the group revealed a 9% revenue rise to £827 million in the first half of the year. This was a slower growth rate when compared to last July’s half year results which posted a 18% rise. The company reported that the growth was “partially offset by increased investment in pricing and promotions”.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Fidelity Special Situations3,053.49 GBP2.26
Flutter Entertainment PLC10,570.00 GBP0.00
William Hill PLC134.65 GBP0.00

About Author

Karen Kwok

Karen Kwok  is a Reporter for Morningstar.co.uk

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