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(Alliance News) - Flutter Entertainment PLC on Thursday said revenue increased 8% in its latest quarter with strong US and UK & Ireland performances, although its full-year outlook was somewhat pessimistic.
Shares in Flutter were down 10% at 12,270.00 pence on Thursday morning in London.
Flutter, which owns Paddy Power, also said it is "making good progress" towards securing a US listing on the New York Stock Exchange, which it expects to become effective in the first quarter. It plans to cancel its Euronext Dublin listing "simultaneously or shortly prior to this", and said it is considering pursuing a primary US listing in due course.
For the third quarter of 2023, the Dublin-based sports betting and gambling company said revenue increased 7.6% to GBP2.04 billion from GBP1.89 billion, although it preferred to highlight the constant currency growth of 13%.
Sports revenue meanwhile decreased 1.9% to GBP1.12 billion from GBP1.14 billion, with Flutter lamenting overly punter-friendly sports results. Gaming revenue, however, increased 22% to GBP914 million from GBP748 million.
"The group had another strong quarter in Q3 and even in this seasonally quieter period, the power of our diversified business is clear with revenue growth of 13%...We remain the number one choice for sports betting and gaming customers globally, and our 16% growth in average monthly players augurs well for our continued growth and market leadership," commented Chief Executive Peter Jackson.
US revenue jumped 12% to GBP668 million from GBP598 million with the NFL season "off to an excellent start". Meanwhile, Flutter's UK & Ireland brands showed "excellent momentum" with revenue increasing 11% to GBP566 million from GBP509 million, largely thanks to the "good start to the Premier League season".
Australia revenue, however, fell 18% to GBP262 million from GBP319 million, with "good retention" of Flutter's enlarged player base "more than offset" by declining revenue from the racing market.
Going forward, Flutter expects US revenue of GBP3.75 billion, around the middle of its previous GBP3.6 billion to GBP3.9 billion guidance range. It anticpates US adjusted earnings before interest, tax, depreciation and amortisation of GBP140 million, around the middle of its GBP90 million to GBP190 million range, and group revenue excluding the US at the lower end of its GBP1.44 billion to GBP1.6 billion range.
By Emma Curzon, Alliance News reporter
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