FL Entertainment sees Q1 revenue reach €1,001m

Finance News

Euronext Amsterdam-listed FL Entertainment has posted a 10.6 per cent increase in revenue to €1,001m for Q1 2024, adjusted EBITDA was up +11.2% to €164m, Adjusted EBITDA margin of 16.4% up 30bp vs Q1 2023.

Adjusted net income up +4.5% at current currencies to €73m, net income at €18.7m (vs €8.4m inQ1 2023). FL Entertainment will be renamed Banijay Group, and unveil a new brand identity that reflects the ambition of the Group to be the leading European leader in the global entertainment space.

François Riahi, CEO of Banijay Group, said:“We are pleased to report a strong start to 2024, driven by the outstanding performance of Online sports betting & gaming, which saw a 31% increase in revenue and a 24% increase in Unique Active Players. In Content production & distribution, we continue to see a strong demand for formats and shows from both streaming platforms and linear broadcasters. The anticipated phasing of major show deliveries will deliver strong growth in the second half of the year.

Thanks to this performance and the perspective on our businesses, we are in a position to increase our earnings guidance for the year and now expect organic adjusted EBITDA growth in the low teens, up from high single-digits previously, fueled by the growth of all our segments, especially strong for online sports betting and online gaming.

Our group structure and branding is also evolving to improve its visibility and reflect the growth and transformation of the Group since 2022. FL Entertainment will become Banijay Group, incorporating Banijay Entertainment, Banijay Live and Banijay Gaming. This strategic rebranding reflects the complementarity and the synergy potential between our existing activities and underlines our ambition to position ourselves as European entertainment leader. Creating passion, emotion and fulfilling experiences to audiences and users worldwide is the cornerstone of our ambition.