Flutter Entertainment expects small full-year loss in US but encouraged by post-lockdown trading

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Flutter Entertainment PLC (LON:FLTR) said trading in the second half of the year has been encouraging so far but uncertainty remains due to potential further coronavirus disruption and possible regulatory change.

The Paddy Power parent expects to make an underlying loss of £140-160mln in the US for the full year, but the remaining activities are forecast to deliver underlying earnings (EBITDA) of £1.1-1.3bn.

READ: Flutter Entertainment – City stockbroker no longer betting against Paddy Power and Fan Duel owner

The second half of the year has started well, noted chief executive Peter Jackson, “with good sports betting performance following the return of major sport events, whilst gaming performance has remained resilient”.

The FTSE 100 firm has also made progress on the integration with TSG since the May merger, having filled most key leadership roles.

In the six months to June 30, revenue jumped 49% to £1.5bn, though profit before tax slumped 70% to £24mln due to higher financial expenses, depreciation and amortisation. Net debt ballooned 88% to £2.8bn.

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