Entain first half gaming revenue rises 19%

Finance News

Entain PLC left annual guidance unchanged and declared a dividend for the first time since the onset of Covid-19, with the bookmaker promising a “progressive” payout going forward. 

The Ladbrokes and Coral owner posted revenue of GBP2.09 billion for the six months ended June 30, up 19% year-on-year from GBP1.77 billion. 

Underlying earnings before interest, tax, depreciation and amortisation climbed 17% to GBP471 million from GBP401.1 million. 

Pretax profit, however, tumbled by 70% to GBP39.5 million from GBP130.6 million. Entain’s bottom-line was hit by a GBP55.0 million foreign exchange hit, swinging from a GBP77.1 million tailwind a year earlier. 

All-in-all, however, the gambling firm made “excellent progress” during the half. 

Chief Executive Jette Nygaard-Andersen commented: “I am delighted that more customers are choosing to play with us as we focus on providing them with even better products, engaging content and exciting experiences. This has resulted in our highest ever level of actives in H1, up 57% versus the same period two years ago. Not only is this approach great for our customers, but it also provides us with a broader, more recreational customer base that will support more sustainable long-term revenues.”