Investors were disappointed by a first-quarter update from online gambling group Paddy Power Betfair (PPB). Cash profits fell by 6 per cent at constant currencies thanks to flat net revenues, the annualisation of new betting taxes and start-up losses in the US businesses. However, that's not stopped management's plans to return £500m to shareholders over the next 18 months.
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Customer activity in the UK and Ireland was adversely affected by a string of bookmaker-friendly sports results between November and February and a high level of racing fixture cancellations due to poor weather.
