FL Entertainment sees first-quarter revenue reach €1,923m

Finance News

FL Entertainment’s first-half revenue was up 7.9% at constant exchange rates to €1,923m in H1 2023 (+6.8% reported) with double-digit growth in Q2 2023 (+14.2% at constant exchange rates)

Strong growth in Adjusted EBITDA up +10.1% to €327m.Adjusted net income up +23.8% to €167m, net income at €12m (H1 2022: net loss of -€18m).Adjusted free cash flow conversion of 84%

Strong liquidity position of €468m and leverage ratio of 3.3x at the end of June 2023 on cash payment seasonality, expected to return to 3.1x at year-end, proforma acquisitions.

Player numbers were up 36% in unique active players compared to H1 2022, highlights attractiveness of the platform

François Riahi, CEO of FL Entertainment, said: “We delivered excellent first half results that demonstrate the strength of our differentiated and complementary business model, as well as the creativity and agility of our teams. We saw double-digit growth in Q2 that contributed to our earnings and profitability.

Our unrivalled multi-format, geographic and IP offer in Content production and distribution continues to ensure we are the leading andpremier partner for both linear broadcasters as well as new and established streaming platforms which represent a rapidly increasingpart of our business. Our unique de-risked business model and approach are strong levers that have, once again, allowed Banijay to outperform its market.

Our Online sports betting & gaming business maintained itsdouble-digit revenue growth across all activities thanks to an increased number of Unique Active Players and our geographic and product diversity. 

As part of our wider strategy to become an integrated global entertainment leader, we expanded our Content production & distribution business into live events, making strategic investments in two profitable, growing businesses that are established leaders in their markets. This is a largely unconsolidated segment of the global entertainment industry with significant growth potential and synergies with our existing business.

We are well positioned to build on our leadership positions and capture compelling opportunities in the structurally growing segments of the entertainmentindustry, delivering sustained profitable growth inthe second half of 2023 and beyond.”