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Flutter lifts guidance on strong third quarter customer growth
StockMarketWire.com
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Betting group Flutter Entertainment, which owns the Paddy Power business among other brands, posted a strong increase in third quarter volumes and raised its full year guidance for operating profits.
Total revenues on a constant currency basis rose 30% to £1.325bn with online revenues up 33% thanks to the return of mainstream sports. Customer numbers grew by double digits across all regions generating a 41% increase in average daily users during the quarter.
In the UK & Ireland, Paddy Power and SBG brands took market share with revenue growth of +32% and +26% respectively. In Australia revenues grew by 76% with BetEasy customer migration successfully completed, and in the US the firm maintained its number one position thanks to a 46% online sportsbook market share and total online share of 29%.
As a result the firm increased its forecast for full year EBITDA from £1.175-1.325bn to £1.275-1.35bn driven by higher customer volumes across all divisions and assuming normalised net revenue margins for the remainder of 2020, with no further material disruption to sporting calendars.
Story provided by StockMarketWire.com
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