FX.co ★ Flutter Entertainment FY23 Loss Widens, Revenues Climb; Sees Growth In FY24

Flutter Entertainment plc, a leading online sports betting and iGaming company, disclosed on Tuesday that its pre-tax loss for the fiscal year 2023 had expanded to $1.09 billion, a significant leap from the previous year's loss of $295 million.

The net loss per share also increased to $6.89, compared to a loss of $2.44 in the preceding fiscal year. This year's results were primarily impacted by non-cash charges worth $1.68 billion, including a significant impairment of the PokerStars trademark worth $725 million and an amortization of acquired intangibles approaching $791 million, among other factors.

However, Flutter Entertainment demonstrated progress in its adjusted earnings per share, rising by 25.8% from last year to $3.51. Moreover, the company's Further Adjusted EBITDA increased by 45.4%, reaching $1.87 billion, and its Further Adjusted EBITDA Margin showed an improvement of 230 basis points, settling at 15.9%.

Furthermore, the company reported a 24.6% rise in annual revenue, amounting to $11.79 billion, up from $9.46 billion the previous year. Similarly, the average number of monthly players saw a 20.3% boost, elevating from last year's 10.25 million to 12.33 million.

As for the current year to date period, the company reported a substantial trading performance with a Group revenue growth of 23.4% from January 1 to March 17, 2024.

In terms of projections for the fiscal year 2024, Flutter Entertainment expects a Group revenue growth of approximately 17.5% and a Further Adjusted EBITDA growth of roughly 30.2%, both projections being at the midpoint. The projected revenue from its US operations is slated to be within the range of $5.8 billion to $6.2 billion, indicating a 36.3% year-on-year growth at the midpoint.