May 2, 2018 / 6:13 AM / 7 months ago

BRIEF-Paddy Power Betfair Q1 earnings fall 6 pct, announces share buyback

May 2 (Reuters) - Paddy Power Betfair PLC:

* Q1 REVENUE FLAT IN CONSTANT CURRENCY

* CUSTOMER ACTIVITY IN UK&I ADVERSELY AFFECTED BY SUSTAINED PERIOD OF BOOKMAKER FRIENDLY SPORT

* GOOD UNDERLYING GROWTH IN AUSTRALIA PARTIALLY OFFSET BY ADVERSE SPORTS RESULTS

* Q1 UNDERLYING EBITDA DOWN 6% IN CC DUE TO ANNUALISATION OF NEW BETTING TAXES & LEVIES AND START-UP LOSSES IN OUR US BUSINESSES

* EXCLUDING THESE ITEMS, UNDERLYING1 EBITDA WAS FLAT

* FULL YEAR UNDERLYING EBITDA CURRENTLY EXPECTED TO BE BETWEEN £470M AND £495M

* PLANNING TO RETURN £500M OF CASH TO SHAREHOLDERS OVER NEXT 12 TO 18 MONTHS; SHARE BUYBACK PROGRAMME TO BE INITIATED SHORTLY

* IN EUROPE, SUCCESSFUL COMPLETION OF OUR PLATFORM INTEGRATION HAS RESULTED IN A MEANINGFUL IMPROVEMENT TO PADDY POWER PRODUCT

* THIS HAS SEEN BRAND’S GAMING REVENUE RETURNING TO GROWTH FROM FEBRUARY

* HAVE REVIEWED INVESTMENT PLANS IN AUSTRALIA AND SEE AN OPPORTUNITY TO COMPETE MORE AGGRESSIVELY TO TAKE ADVANTAGE OF POTENTIAL DISRUPTION TO COMPETITORS

* GUIDANCE BEFORE ANY POTENTIAL ADDITIONAL INVESTMENT WHICH MAY ARISE IN EVENT OF POSITIVE REGULATORY CHANGES IN USA Further company coverage: (Reporting By Padraic Halpin)

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