Entain lifts full-year guidance on strong third quarter
By Abigail Townsend
Date: Thursday 17 Oct 2024
(Sharecast News) - Gambling and gaming group Entain boosted its full-year outlook on Thursday, after third-quarter numbers came in ahead of expectations.
The owner of Ladbrokes, Coral and SportingBet, among others, said total net gaming revenues in the three months to 30 September had jumped 8%, or by 10% on a constant currency basis.
Including its 50% partnership with MGM Resorts International, BetMGM, reported NGR rose 10%.
Within that, UK & Ireland reported NGR rose 2%, with a 6% jump in online revenues helping to offset a 2% decline in retail.
International online NGR improved 7%, also in contrast to a fall in retail, down 1%.
The blue chip said the results were ahead of forecasts.
It continued: "As a results of a stronger-than-expected third-quarter performance, and increased confidence for the balance of the year, full-year online proforma NGR growth is now expected to be mid-single digit positive on a constant currency basis.
"As such, group earnings before interest, tax, depreciation and amortisation is expected to be towards the top end of our £1.04bn to £1.09bn guidance range."
New chief executive Gavin Isaacs, who joined last month, said: "Entain is already on a path of strategic and operational improvement, with the strong third-quarter performance demonstrating the progress achieved so far."
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