Flutter 2023 revenue up 24.6% but net loss of $1.2bn due to non-cash charges

Updated:2024-03-31 07:42    Views:110

Flutter Entertainment has announced financial results for the fiscal year ended 31 December 2023. The group reported an increase in revenue, reaching $11.79bn, marking a 24.6% growth compared to the previous year.

Average Monthly Players (AMPs) also saw a notable rise of 20.3%, reaching 12.3 million, while further adjusted EBITDA surged by 45.4% year-on-year to $1.87bn.

Yet again, the company's performance in the US market was particularly noteworthy, with FanDuel's market leadership driving a 40.7% increase in revenue. FanDuel achieved its first year of positive further adjusted EBITDA, totalling $167m.

Outside the US, Flutter's International and UKI divisions contributed group ex-US adjusted EBITDA of $1.613bn. The company reported a net loss of $1.2bn, primarily attributed to non-cash charges, including $725m for PokerStars' trademark impairment and acquired intangibles amortisation.

Looking ahead, Flutter has started 2024 on a positive note,Play Casino Online with revenue increasing by 23.4% in the first 11 weeks of the year. This growth was reportedly driven primarily by a 55.6% increase in US revenue, fueled by record Super Bowl engagement.

In terms of strategic initiatives, Flutter successfully completed a secondary listing on the NYSE on 29 January 2024, with plans for a primary listing pending shareholder approval at the Annual General Meeting on 1 May 2024. The company also completed the acquisition of MaxBet, a local brand in Serbia, further expanding its presence in key markets.

These financial results come after Flutter's provisional trading update for the fourth quarter of 2023, which showcased a 15% increase in Q4 revenue.

Additionally, Flutter announced changes to its Board of Directors, with Richard Flint, a key figure in shaping the company post-merger, choosing not to seek re-election at the upcoming Annual General Meeting.

Flutter shares were up 1.65% following publication of its report.

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