“The first half of 2023 marks a pivotal moment for the Group, with our US business now at a profitability inflection point, helping transform the earnings profile of the Group and significantly enhance our financial flexibility. Peter Jackson, Flutter Entertainment Chief Executive, commented: – Group ex-US Adjusted EBITDA of between £1.44bn – £1.6bn, with strong momentum in the UK&I and International, offset by softer than expected market conditions in Australia Assuming normalised sports results for H2, we anticipate full year Adjusted EBITDA to be broadly in line with market expectations: H2 has started in line with expectations.Net debt of £4.6bn at 30 June 2023 (31 December 2022 £4.6bn) and pro forma leverage ratio of 3.3 times (31 December 2022 3.9 times) 6.Adjusted basic earnings per share (“EPS”) of 237.5p, 144% higher than H1 2022 Reported EPS of 73.8p from loss of 64.7p in H1 2022 reflected swing to profitability in current period.Reported profit after tax of £128m (H1 2022: Loss of £112m) after £314m charge for amortisation of acquired intangibles.– Group ex-US Adjusted EBITDA +24% (pro forma +4%), strong top line momentum and the addition of Sisal, which has performed strongly in H1, partly offset by Australian tax changes – US Adjusted EBITDA of £49m ($63m) versus a £132m loss in H1 2022 Group at earnings transformation point with Adjusted EBITDA +72% to £823m (pro forma +37%).Reported revenue growth of 38% for Group, benefiting from an exceptionally strong US performance and strong momentum in UK&I and International, along with the addition of Sisal in August 2022 (pro forma revenue +24%).US listing: Working towards a listing in late Q4 2023 or early Q1 2024. Sustainability: Positive Impact Plan progressing well Play Well 9 tool usage, +7 percentage points to 42% with 34% female representation in leadership as we move closer to 2026 goal of 40%.– International (revenue +8%): Division at a growth inflection point, ‘Consolidate and Invest’ 8 markets driving performance, now comprise 77% of divisional revenue and growing at +19% – Australia (revenue -1%): Effective retention of enlarged customer base (AMPs +7%), offset by Covid spend reversion and point of consumption tax changes – UK & Ireland (revenue +13%): Product enhancements and efficient generosity underpinning recreational customer growth and driving market share gains in both sports and gaming Group ex-US: Growth through regulatory headwinds with pro forma revenue +8% and EBITDA +4%.– Improved iGaming proposition drove market share gains to 23% in Q2 – Margin benefit over the market expanded to 410bps new NBA markets further evidence of sustainable product leadership – Consolidating clear #1 position in sportsbook, with 47% market share in Q2 7 Scale advantage compounding with revenue +63% US: Reached profitability inflection point, FanDuel generated $100m (£79m) Adjusted EBITDA in H1 (US division $63m (£49m)).Group: Delivery of strategic goals drove Flutter’s growth engine strong H1 player momentum with average monthly players (“AMPs”) +28%, driven by US growth (+43%) and the addition of Sisal, which has performed strongly since joining the Group (Group pro forma AMPs +18%).See appendix 2 for a reconciliation of adjusted pro forma to statutory numbers. Pro forma references include Sisal for a full 6-month period in both 20. Other London-quoted companies with significant US operations, including Pearson, have signalled that they may be open to transatlantic moves in future.Flutter Entertainment plc (LON:FLTR) has announced interim results for six months ended 30 June 2023. That issue has been brought into sharp focus by the decision of SoftBank, owner of the giant British chip designer Arm Holdings, to take the company public in New York rather than London, despite intensive lobbying by UK government ministers.ĬRH, the building materials group, has also announced plans to shift its primary listing from London to New York. New CBI boss 'profoundly sorry' to women let down by business groupĬompetition watchdog blocks Microsoft bid to buy video game maker Activision Blizzardįlutter's plans have sparked a renewed debate about the attractiveness of the London Stock Exchange to multinational companies during a drought of sizeable City flotations. The move to optimise its listing structure is the brainchild of Peter Jackson, Flutter's chief executive, who has presided over a steep increase in the company's value.
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