13th Nov 2024 09:20
(Alliance News) - Flutter Entertainment PLC on Wednesday upgraded its full-year guidance amid strong revenue growth in the third quarter.
The New York-based owner of Sky Bet and PaddyPower said its revenue grew 27% to USD3.25 billion in the three months that ended September 30 from USD2.56 billion a year prior, with growth in the UK and Ireland driven by a broader product range across sports and iGaming.
Outisde of the US, Flutter reported a good performance across all of its divisions throughout the period.
Adjusted earnings before interest, tax, depreciation and amortisation rose 74% to USD450 million from USD258 million the previous year.
Flutter shares were up 4.4% to 20,120.00 pence on Wednesday morning in London, giving the company a GBP35.94 billion market capitalisation.
The company said its performance in the quarter well exceeded market expectations, and it upgraded its guidance for the full year in response.
Flutter nudged up revenue expectations overall by 1%, adding that excluding the US, it now expects to book between USD8.1 billion and USD8.3 billion in 2024, instead of between USD7.85 billion and USD8.15 billion.
Adjusted Ebitda excluding the US is now expected to be in the range of USD1.77 billion and USD1.87 billion, instead of between USD1.69 billion and USD1.85 billion.
The firm noted that despite strong momentum for the US in the third-quarter, the progress has been more than offset by unfavourable results in its fourth-quarter to-date.
Flutter narrowed its US revenue guidance for the full-year to the range of USD6.05 billion and USD6.25 billion from USD6.05 billion and USD6.35 billion previously.
Adjusted Ebitda guidance also narrowed for the US to between USD670 million and USD750 million from between USD680 million and USD800 million.
For the entire group, Flutter reported adjusted Ebitda of USD1.87 billion on revenue of USD11.79 billion in 2023.
Flutter listed on the New York Stock Exchange and delisted from Euronext Dublin back in January.
Originally, Flutter said it would keep its primary listing in London but, after feedback from US investors, later decided to move this to New York. It also moved its operational headquarters to New York from Dublin.
Flutter Chief Executive Peter Jackson said: "Flutter had an excellent quarter with revenue growth accelerating to 27%, well ahead of market expectations, and increases to our revenue and adjusted Ebitda guidance for 2024.
By Christopher Ward, Alliance News reporter
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