The Entain PLC (LON: ENT) share price edged higher at writing after plunging lower earlier in today’s session following the release of its half-year results and an update about its bribery investigation, whose negotiations are currently ongoing with the Crown Prosecution Service (CPS).
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The company revealed that it had set aside £585 million as a provision regarding its ongoing deferred prosecution agreement (DPA) with the CPS as the case and negotiations are nearing completion. The company expects to reach an agreement with the CPS regarding the bribery charges, which is why it has set aside the above amount.
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The global sports-betting, gaming and interactive entertainment group also released the interim financial results for the six months ended 30 June 2023 earlier today. The company revealed that its total group net gaming revenues were up 14% to £2404.3 million compared to £2117.6 million in H1 2022.
The company’s gross profits were £1457.7 million versus the £1327.8 million recorded in a similar period last year. The firm’s underlying profit before tax was £287.6 million, marking an 89% improvement from the £152.4 million recorded in H1 2022.
Entain still incurred a loss of £502.5 million after tax from continuing operations. Still, the betting company declared an interim dividend of 8.9p per share, marking a 5% improvement on last year’s dividend payout.
The betting company also mentioned that it was the only global operator with 100% of revenue from regulated or regulating markets, having accelerated exit of markets with no clear path to domestic regulation.
Jette Nygaard-Andersen, Entain’s CEO, commented: “This has been another period of strong performance for Entain as we make clear strides towards delivering our strategic ambitions. In particular, we are making excellent progress in broadening our customer base and deepening our audience engagement, as evidenced by the record number of active online customers on our platform. BetMGM continues to show momentum, and backed by our technology and capabilities, we are excited by the improvements we are delivering for customers in the US. I’d like to thank all my Entain colleagues around the world for their hard work and dedication in delivering this performance.”
Entain share price.
The Entain share price was headed higher after plunging lower on H1 results and bribery case provision.
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