Joe Hoppe
Flutter Entertainment PLC said on Friday that after a strong start to the second half with sales growth, higher operating and distribution costs led to a pre-tax loss in the first half.
The FTSE 100 gambling group posted a pre-tax loss of £51.4m ($62.7m) in the first half after a £286m charge for amortization of acquired intangibles.
Revenue increased 11% to £3.39 billion from £3.05 billion last year.
Adjusted profit before interest, tax, depreciation and amortization (one of the company’s favorite metrics) fell to £476m from £597m in the same period in 2021.
The company said the second half of the year is off to a good start, with earnings in the first five weeks through August 7 in line with company expectations.
Flutter said it expects to deliver Adjusted EBITDA of £1.29 billion to £1.39 billion for the full year excluding the US operations. It also said that in the US, from £2.3 billion he expects to generate £2.5 billion in revenue, and from £225 million he expects to post an adjusted Ebitda loss of £275 million. .
The Dublin-based betting and gambling company said it would review its dividend policy once it reaches its leverage target. The board suspended the dividend in March 2020 to preserve cash during the coronavirus pandemic.
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