By Ian Walker and Jaime Llinares Taboada
Flutter Entertainment PLC on Tuesday reported that its pretax profit more than tripled in the first half of the year, and said that performance exceeded internal expectations.
Flutter--which also owns the PokerStars, Paddy Power and Betfair brands--made a pretax profit of 77 million pounds ($106.6 million) for the half year ended June 30, compared with GBP24 million a year earlier.
Revenue rose to GBP3.05 billion from GBP1.54 billion, it said.
Adjusted earnings before interest, taxes, depreciation and amortization--one of the company's preferred metrics, which strips out exceptional and other one-off items--was GBP597 million, up from GBP342 million for the first half of 2020.
The Dublin-based betting and gambling company said it will review its dividend policy once it achieves its leverage targets. The board suspended dividends in March last year to preserve cash during the coronavirus pandemic.
Flutter said it expects to achieve an adjusted Ebitda of GBP1.27 billion-GBP1.37 billion for the full year excluding its U.S. business. It also said that in the U.S. it expects to generate revenue of GBP1.29 billion-GBP1.43 billion and book an adjusted Ebitda loss of GBP225 million-GBP275 million.
Write to Ian Walker at firstname.lastname@example.org
(END) Dow Jones Newswires