1st Feb 2023 08:28
(Alliance News) - Entain PLC on Wednesday reported a quarterly rise in net gaming revenue as it entered 2023 with "good momentum".
Entain is a London-based gaming and sports betting firm.
The FTSE 100-listed company said it expects earnings before interest, tax, depreciation and amortisation for 2022 to be in the range of GBP985 million to GBP995 million. It had previously guided for a range of GBP925 million to GBP975 million.
At best, the new guidance represents a 13% rise from 2021's Ebitda of GBP881.7 million.
For the fourth quarter of 2022, net gaming revenue rose 11% year-on-year and 7% at constant currency.
It reported "record" online net gaming revenue. It rose 12% year-on-year, reflecting a "successful men's World Cup, partly offset by weather disruptions to sporting fixtures", Entain explained.
For the whole of 2022, group net gaming revenue was up 12% year-on-year and 10% at constant currency. Online net gaming revenue, however, was down 1% compared to 2021, and also down 2% at constant currency. The outturn was as a result of "strong Covid comparators and the absorption of regulatory changes, particularly in the UK and Germany," the Ladbrokes owner said.
Chief Executive Officer Jette Nygaard-Andersen said: "2022 has been another year of strong financial, operational and strategic progress for Entain. We have continued to grow our revenues in a sustainable and diversified way by expanding our global footprint, broadening our customer appeal, entering new areas of entertainment, and providing a safe environment for our customers. All of this has led to a record number of active customers in Q4, as well as a full year Ebitda performance ahead of our previous expectations."
Entain said it has started 2023 with "good momentum" across the business.
Back in August, Entain had reported revenue of GBP2.09 billion for the six months that ended June 30, up 19% year-on-year from GBP1.77 billion. Pretax profit, however, tumbled by 70% to GBP39.5 million from GBP130.6 million.
Entain shares were up 2.6% at 1,527.50 pence each on Wednesday morning in London.
By Xindi Wei, Alliance News reporter
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