Investing in a higher quality and sustainable bus mix in a regulated market17 Jan 2024 07:18
Confluence,
I read it differently. Markets are dropping today so will top up if it drops.
Together, these changes have created a higher quality and more sustainable business mix, including approximately 95% of FY23 revenue being generated from regulated and taxed markets.
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Outlook
· Positive outlook for FY24 revenue with consistent growth in active players driving confidence in strong revenue growth online in both the UK and International segments. Compliance and safer gambling impacts begin to annualise in February 2024, leading to a more positive outlook for average revenue per user.
· Global cost savings programme of approximately £30 million initiated in December 2023, alongside investment in further strengthening the Group's core capabilities in several areas such as intelligent automation and AI-powered data and insights.
· Cost savings to support an increase in marketing spend in 2024, with superior returns supported by a more effective customer and product lifecycle management plan.
· The above initiatives will enhance long-term profitability, but the additional investment means the Group currently expects 2024 Adjusted EBITDA to be at the low end of consensus range5.
· Under its new CEO Per Widerström, the Group intends to provide details on its evolved strategic and value creation plans, including new medium-term financial and strategic targets, at its full year results, which are expected to be released on 26 March 2024.