Revenue at Paddy Power-owner up 16% but losses continue
Tue, 14 May, 2024 - 07:55
Revenue at Paddy Power-owner Flutter Entertainment increased by 16% during the first three months of the year but the company’s net losses also continued to mount.
According to its latest results, the company saw revenue increase to $3.4bn (€3.15bn) between January and March compared to the $2.9bn during the same period last year. The betting company’s average number of monthly players also increased from 12,349 to 13,722.
The company’s earnings before interest, taxes, depreciation, and amortisation rose 46% to $514m.
However, the company’s net losses increased from $111m during the first months of 2023 to $177m so far this year.
The company said the net loss comes following non-cash charges of $356m. Of this, €172m was said to be “acquired intangibles amortisation” while $184m was the fair value change in Fox Option liability.
Fox Corporation has an option to acquire 18.6% of Flutter’s FanDuel business.
Despite the higher losses, Flutter Entertainment said it is confident in its 2024 guidance with chief executive of the company Peter Jackson saying they are “focused on continuing to expand our player base, market share, and embedding future profits” particularly in the US.
The company said that its US division had another excellent quarter with average monthly players up 15% and revenue up 32%.
The company added that US primary listing is expected to become effective at the end of this month.
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