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Joe Hope
Flutter Entertainment PLC said on Friday that it posted a pre-tax loss in the first half of the year due to higher operating and selling costs, but that revenue grew and the second half got off to a good start.
The FTSE 100 gambling group posted a first-half pre-tax loss of £51.4m ($62.7m), compared with a £77m profit in the same period a year earlier, on a £286m amortisation charge on intangible assets previously acquired
Revenue rose 11% to £3.39 billion from £3.05 billion a year earlier.
Adjusted earnings before interest, tax, depreciation and amortisation, one of the company’s preferred measures, fell to £476m from £597m in the same period in 2021.
The company said it had a good start to the second half, with revenue in line with expectations for the first five weeks ended Aug. 7.
Excluding the U.S. business, Flutter said it expects adjusted EBITda to be between 1.29 billion pounds and 1.39 billion pounds for the full year. It also said it expected to generate revenue of £2.3 billion to £2.5 billion in the US, with an adjusted Ebitda loss of £225 million to £275 million.
The Dublin-based bookmaker said it would review its dividend policy once its leverage targets were met. The board suspended its dividend in March 2020 to preserve cash during the coronavirus pandemic.
Write to Joe Hope at joseph.hoppe@wsj.com
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