Flutter Entertainment Gains 1M Monthly Customers, but Profits Fall 42%
Flutter Entertainment, the global sports betting and gaming operator, has reported a mixed set of results for the first half of the year. The company gained nearly a million monthly customers, reaching 8.7 million, a 14% increase. However, profits after taxes decreased by 42% to 177 million pounds, and earnings per share fell by 43% to just over 92 pence per share.
Flutter's group revenue grew by 9% to nearly 3.4 billion pounds, driven by strong performance in key markets such as the USA, UK, Ireland, Australia, and international markets like Italy and Brazil. Sports revenue grew by 10%, while gaming revenue increased by 8%. Gross profit rose by 5% to over 2 billion pounds, with total operating costs amounting to over 740 million pounds, including 55 million in corporate costs.
However, EBITDA was down by almost 20% to 476 million pounds. The cost of sales was recorded at 1.35 billion pounds, which was almost 40% of the total revenue.
Flutter Entertainment's customer base continues to grow, but the company faces challenges in maintaining profit growth. Despite strong revenue increases, profits and earnings per share have decreased significantly. The company will need to manage its costs effectively to improve these figures in the future.
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