Flutter Entertainment 2020 Pretax Profit Drops on Acquisitions Adjustments
March 02 2021 - 2:51AM
Dow Jones News
By Adria Calatayud
Flutter Entertainment PLC said Tuesday that pretax profit for
2020 fell sharply due to noncash acquisition accounting adjustments
and that it has started 2021 with strong momentum.
The owner of FanDuel and PokerStars said pretax profit for last
year was 1.1 million pounds ($1.5 million) compared with GBP135.7
million for 2019.
Revenue for the year increased to GBP4.41 billion from GBP2.14
billion in 2019.
On a pro forma basis, following its acquisition of Stars Group
last year, the FTSE 100 gambling and betting group said adjusted
earnings before interest, taxes, depreciation and amortization rose
13% to GBP1.23 billion on revenue that was up 27% at GBP5.26
billion.
Analysts expected Flutter to report pro forma revenue of GBP5
billion and adjusted Ebitda of GBP1.16 billion for 2020, according
to consensus estimates provided by the company.
The company--which also owns Paddy Power and Betfair--said
revenue was up 36% on year in the first seven weeks of 2021, with
growth in player volumes across all divisions.
No dividend was declared for 2020, as previously indicated.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
March 02, 2021 02:36 ET (07:36 GMT)
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