Paddy Power shares fall as profits miss target

Shares in betting services group Paddy Power-Betfair dropped a further 4% yesterday after it posted first-half earnings which fell short of analyst expectations.

The movement followed Monday’s 5% drop in share value on the news that chief executive Breon Corcoran was leaving the company.

Strong growth in the amount of money bet by punters and favourable currency movements helped raise Paddy Power-Betfair’s first-half revenue by 9%, year-on-year, to £827m (€912m). Operating profit grew by 22% to £180m and earnings per share rose 23% to 181.1p.