Flutter Entertainment Reports Strong H1 2023 Financial Results

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Flutter Entertainment plc has unveiled its financial outcomes for the first half of 2023, showing impressive growth across multiple key metrics.

Significant Growth across the Board

For the first six months of 2023, Flutter Entertainment saw a 28% uptick in Average Monthly Players (AMPs), rising from 9,635,000 last year to 12,285,000 this year. Their revenue for the group also displayed strong growth, rising by 42%, from £3.4 billion in 2022 to £4.8 billion in 2023. The Group’s EBITDA followed suit, growing by 76% from the previous year’s £434 million to £765 million in 2023.

The Pro Forma EBITDA, meanwhile, grew 38%, increasing from £596 million to £823 million. In a positive turn of events, the company’s Profit After Tax rebounded from a £112 million loss in 2022 to a £128 million profit this year.

Earnings per share also improved, going from a 64.7p loss in the prior year to earnings of 73.8p in 2023. By the end of H1 2023, the company’s net debt had risen to £4,634 million, up from £3,004 million in 2022.

On the operational front, the company enjoyed a 28% boost in its average monthly players. After integrating with Sisal, there was a significant 43% growth in the US segment. In this region, FanDuel reported an Adjusted EBITDA of £79 million for the half-year period.

Internationally, revenue growth showed mixed results: a 13% rise in the UK & Ireland, a slight 1% dip in Australia, and an 8% increase in other international revenues. Notably, 42% of users engaged with the “Play Well” feature, and the company is on track to achieve 40% female leadership representation by 2026. Flutter Entertainment also hinted at a possible US stock market listing, likely in late 2023 or early 2024.

Financial Highlights and Future Projections

The company’s 38% revenue growth was influenced by its performance in the US, UK & Ireland, and international sectors and the integration of Sisal in 2022. The Adjusted EBITDA rose by 72% to £823 million. The US division moved from a £132 million loss in H1 2022 to a £49 million Adjusted EBITDA for the same period in 2023. The net profit for the first half of the year was £128 million, a marked improvement from the £112 million loss the previous year.

Looking forward, Flutter Entertainment is optimistic about H2 2023, anticipating it to align with current market predictions. The US segment’s projected net revenue is expected to lie between £3.6 billion to £3.9 billion, with its Adjusted EBITDA forecasted to range from £90 million to £190 million. For the group’s operations outside the US, the expected Adjusted EBITDA is predicted to be between £1.44 billion and £1.6 billion.

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