London-based activist fund managers Parvus Asset Management has increased its stake in Flutter Entertainment to 7.09% in the FTSE100 company. This move makes Parvus the third-largest shareholder.

Under the terms of the investment management agreement, Parvus Asset Management Europe Limited has the right to vote with any physical blocks of shares held by clients.

Flutter Entertainment reported a rise in revenue in 2021 with a strong rise in customers as its FanDuel operation in the US remains on track for profitability in 2023. For 2021, the Paddy Power-owner sunk to a GBP288.4 million pretax loss compared to the GBP1.1 million profit recorded in 2020, after taking a GBP543 million charge for non-cash amortisation from acquired intangibles.

Revenue increased 37% to GBP6.04 billion from GBP4.41 billion in 2020. Sports revenue was up 26% in 2021 to GBP3.77 billion from GBP3.00 billion, while Gaming revenue was flat at GBP2.26 billion.