Flutter Entertainment’s revenue for the first half increased by 49% over the previous year, reaching £ 1.52 billion. While its pro forma revenue grew by 22%, jumping to £ 2.39 billion. Adjusted EBITDA also increased 59%, reaching £ 342 million, and 35% on a pro forma basis, reaching £ 684 million.
However, pre-tax profit fell 70% to £ 24 million. Despite this, the operator’s share price rose 2% to £ 127.80 after the publication of its report.
Flutter attributed its performance in the first half to the improved diversification after its merger with The Stars Group. Although he mentioned the interruption of live events caused by the new coronavirus pandemic. Since it was something that affected the company’s profit in the first half.
Flutter CEO evaluates performance before and during the pandemic
Peter Jackson, Flutter’s CEO, said, “The first half of 2020 was defined by the emergence of the COVID-19 pandemic. The group’s financial performance in the first half exceeded expectations as we benefited from geographic and product diversification.”
According to the CEO, the company was able to balance itself due to the results obtained before adopting social isolation measures.
“In the period before the interruption related to COVID-19, our businesses performed well with strong customer growth and favorable sports results. In the following period, the cancellation of sports and the closing of our stores led to reduced revenues in England and Ireland ”.
Jackson added, “but, this was more than offset by an increase in the number of customers playing our poker and gaming products worldwide. As people sought out new forms of entertainment. In Australia and the United States, the continuation of horse racing has resulted in an increase in the general revenues of these sports in both countries ”.