Flutter Entertainment shares rise despite post-tax loss
Flutter Entertainment swung to a first-half pretax loss due to higher operating and sales costs, though revenue rose and the second half has begun well.
The FTSE 100 gambling group posted a first-half pretax loss of 51.4 million pounds ($62.7 million), compared with a profit of GBP77.0 million a year prior, after a GBP286 million charge for amortization of acquired intangibles
Revenue rose 11% to GBP3.39 billion, from GBP3.05 billion a year before.
Adjusted earnings before interest, taxes, depreciation and amortization–one of the company’s preferred metrics–fell to GBP476 million, from GBP597 million at the same time in 2021.
The company said the second half has begun well, with revenue in the first five weeks to Aug. 7 in-line with its expectations.
Flutter said it expects to achieve an adjusted Ebitda of GBP1.29 billion-GBP1.39 billion for the full year excluding its U.S. business. It also said that in the U.S. it expects to generate revenue of GBP2.3 billion-GBP2.5 billion and book an adjusted Ebitda loss of GBP225 million-GBP275 million.