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Paddy Power disappoints in first quarter

Paddy Power disappoints in first quarter

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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