Unfavourable Sports Results Set to Hit Paddy Power Full-Year Figures

Irish bookmaker Paddy Power has cited unfavorable football and horse racing results for an anticipated fall in full-year operating profits. In a trading update for the period covering July 1 to November 17, the company said that its full-year operating profit for 2013 is likely to be around €11 million ($14.9 million) lower than the figure it forecast three months ago. Paddy Power highlighted unexpected results in the Australian Spring Horse Racing Carnival and the Uefa Champions League club football tournament. “We now expect low to mid single digit percentage operating profit growth in 2013 in constant currency, before currency…