The Flutter Entertainment PLC (LON: FLTR) share price fell 6.36% after releasing its interim results for the six months ended 30 June 2023. The company reported generating adjusted revenues worth £4.81 billion, marking a 38% increase from the £3.39 billion revenue generated in H1 2022.
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The company attributed its strong performance to the robust performance of its US business, which recorded a 43% increase in player numbers compared to H1 2022. The company noted that its US division reached a profitability inflation point where FanDuel generated $100m (£79m) Adjusted EBITDA in H1.
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The sports betting and gambling company consolidated its number position among Sportsbook companies, with 47% market share in Q2 2023. The company’s margins improved by 4.1% with the addition of new NBA markets, further showing its sustained product leadership. The firm improved its iGaming proposition driving its market share gains to 23% in Q2.
Flutter noted that the group’s earnings were at a transformation point, with Adjusted EBITDA up +72% to £823 million and up 37% pro forma. The company’s US operations continued outperforming with adjusted pretax profits of £49m ($63m) versus a £132 million loss in H1 2022.
The group’s reported profit after tax was £128 million compared to the H1 2022 Loss of £112m, following a £314m charge for amortisation of acquired intangibles. The company expects to meet its full-year expectations on normalised H2 sports results.
Flutter expects net revenue of between £3.6bn – £3.9bn ($4.5bn – $4.9bn) and Adjusted EBITDA of between £90m – £190m ($120m – $240m).
Peter Jackson, Flutter’s CEO, commented: “The first half of 2023 marks a pivotal moment for the Group, with our US business now at a profitability inflection point, helping transform the earnings profile of the Group and significantly enhance our financial flexibility. With our divisions and their brands benefitting from the competitive advantages provided by the Flutter Edge, Group performance in the period was very strong, with delivery of our strategic objectives resulting in pro forma EBITDA growth of 37%. Our recreational player base increased to over 12 million monthly players…”
Flutter Entertainment (FLTR) share price.
The Flutter Entertainment share price fell 6.36% to trade at 13990.0p, from Tuesday’s closing price of 14940.0p.
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