By Adria Calatayud
Flutter Entertainment PLC said Thursday first-half proforma adjusted earnings and revenue rose as its combination with PokerStars-owner The Stars Group Inc. offset the effect of the coronavirus pandemic.
In its first earnings report since completing the Stars Group deal in May, the Dublin-based betting and gambling group said proforma adjusted earnings before interest, taxes, depreciation and amortization--the company's preferred metric, which strips out exceptional and other one-off items--was 31% higher at 684 million pounds ($903.6 million) for the first six months of the year on proforma revenue that rose 21% to GBP2.39 billion.
Flutter, which also owns the Paddy Power, Betfair and FanDuel brands, said its first-half pretax profit was GBP24 million down from GBP81 million a year earlier. Reported revenue rose to GBP1.54 billion from GBP1.02 billion a year earlier.
Flutter said its performance in the second half to date is encouraging, but said its outlook remains highly uncertain.
For the full year, proforma adjusted Ebitda is expected to be between GBP1.18 billion and GBP1.33 billion, excluding U.S. operations, the company said. In the U.S., Flutter expects an Ebitda loss of between GBP140 million and GBP160 million this year.
Flutter separately said Rafael Ashkenazi, who was chief executive of Stars Group until completion of the combination between the two companies, has stepped down as nonexecutive director of the group.
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