(Alliance News) - Flutter Entertainment PLC on Tuesday said that its net loss had widened in the first quarter, though a particularly successful revenue performance in the US gave credence to the upcoming transfer of its primary listing to the US.
Flutter Entertainment, formerly Paddy Power Betfair, is a Dublin-based sports betting and gambling company, whose subsidiaries include Betfair, Tombola and Sportsbet.
For the three months ended March 31, Flutter reported a net loss of USD177 million, widened from a USD111 million net loss in the first quarter of 2023.
Flutter said the decline in net income was due to non-cash charges of USD356 million, USD172 million of which stemmed from intangibles amortisation, and USD184 million relating to the change in the fair value of its Fox Option liability.
Revenue totalled USD3.40 billion in the quarter, up 16% from USD2.92 billion a year prior.
Adjusted earnings before interest, tax, depreciation and amortisation for the period were USD514 million, up 46% from USD352 million.
Adjusted earnings per share sank 85% to USD0.10 from USD0.69.
Average monthly players increased 11% from the previous first quarter to 13.7 million from 12.3 million.
Flutter said that business in the US was particularly strong during the period, with average monthly players up 15% and revenue rising 32%.
The company expects the movement of its primary listing to the US to become effective on May 31. Flutter shareholders voted in favour of the move in early May, and the company said the transition reflects "the importance of the US sports betting and iGaming market to our business".
Chief Executive Officer Peter Jackson hailed the results as "an excellent start to the year".
As a result, the company is confident in achieving its guidance for the full year as provided in March.
Flutter expects US revenue to land at around USD6.0 billion, representing annual growth of 36%, with US adjusted Ebitda expected to triple to USD710 million.
Excluding the US, Flutter forecast USD7.85 billion in revenue and USD1.73 billion in adjusted Ebitda, equating to increases of 6.3% and 5.4%, respectively.
Shares in Flutter Entertainment were down 2.0% at 15,875.00 pence each in London on Tuesday morning.
By Hugh Cameron, Alliance News reporter
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Flutter Entertainment (FLTR)