Paddy Power warns on profits after tough sports results

Irish bookmaker Paddy Power warned on profits as summer and autumn horse racing and soccer results went against it, knocking its shares.The stock dropped 4.84p or nearly 8% to 57.66p by midday on Tuesday in London as it said 2013 operating profit should rise by a low to mid-single digit percentage, about €11m lower than the middle of its guidance at its half-year results.Sports results stayed poor between July 1st and November 17th, particularly in the Australian Spring Racing Carnival and the European Champions League, it said.In its retail division, sports betting like-for-like turnover was up 5%, machine net revenue began growing again and it expected to open a record 65 shops this year.The group's online business boosted sports turnover outside Australia by 15% and e-gaming and B2B revenue had risen 17% in spite of a more competitive UK market.Australian online turnover rose 26%.PW