Entain swings to profit following stateside ventures

Finance News

Entain said on Thursday that its online business had “significant uplifts as a result of retail closure” and that it expected the shift to online to cover permanent damage to demand in bricks-and-mortar stores.

Revenues across its retail estate fell 40 per cent to £857m in 2020 with a sharp drop from an underlying operating profit of £172.3m in 2019 to a £19m loss last year.

The company swung to a pre-tax profit of £174.7m from a loss of £164.4m for the year to December 31. Revenue was flat at £3.56bn from £3.58bn.

“The strong underlying momentum within our business, the rapid growth of our US joint-venture, and our continuing international expansion mean that we are as confident as ever in the long-term prospects for Entain,” said new CEO Jette Nygaard-Andersen.