Paddy Power shares fall as revenue up

Paddy Power’s share price dropped yesterday following a positive set of results, with traders blaming the dip on profit taking.

The company continued the positive momentum achieved over 2012 into the first five months of the year. Total net revenue is up 20% for the year to date compared, with the same period last year.

However, the results elicited contrasting views from two stockbroking firms. Paddy Power’s shares plummeted on April 23 when Davy changed its rating on the company to under-perform. Davy did not change its view following yesterday’s results.