Flutter Entertainment posts higher Q3 revenues
By Iain Gilbert
Date: Thursday 07 Nov 2019
(Sharecast News) - Paddy Power-owner Flutter Entertainment reported a rise in revenues for the three months ended 30 September thanks to the good growth witnessed in both its sports and gaming units.
Flutter reported a 9.0% jump in group sales to £533.0m for the third quarter, with sports revenue improving 10.0% to £417.0m and gaming revenue increasing 7.0% to £116.0m.
In the United States, revenues grew 67.0%, driven by sportsbook and casino turnover, while Flutter's Australian profits increased at a 19% pace year-on-year.
Despite a 1% drop in stripped-out revenues for Paddy Power as a result of "responsible gambling measures", the FTSE 100 resident kept its earnings guidance for the full-year unchanged at £420m to £440m.
During the third quarter, the company announced a deal to combine with Toronto-based gaming firm The Stars Group, making the new group the world's largest online betting and gaming company.
Chief executive Peter Jackson said: "Quarter three was an important quarter for the group with revenues up 10% and the announcement of our combination with the Stars Group.
"We believe that this deal will accelerate delivery of all of our core strategic objectives and we are very excited about the international growth prospects for the combined group."
As of 0825 BST, Flutter shares were up 1.57% at 8,156p.
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