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Paddy Power Betfair trims guidance

Paddy Power Betfair trims guidance

Paddy Power Betfair (PPB) has slashed the stakes on its full-year performance. The group now expects to deliver between £460m and £480m in underlying cash profits, revised down from previous estimates of £470m-£495m. Part of this is down to new point of consumption taxes in some Australian states - something which is expected to take a 13 per cent bite out of 2019 sales. But the region currently accounts for just over a fifth of group revenue, so further investment looks the likely method to grow market share. 

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