Interest charge

Flutter Entertainment posts pre-tax loss in 2021 after recording £543m charge

By Kyle Morris

 

Flutter Entertainment PLC said on Tuesday it posted a pre-tax loss for 2021 after incurring a charge of 543 million pounds ($728.4 million) for non-cash amortization of acquired intangibles.

Gambling and betting group FTSE 100 said the pre-tax loss for 2021 was £288m, compared with a profit of £1m for 2020.

Revenue for the year was £6.04 billion, compared to £4.41 billion in 2020.

Profit before interest, tax, depreciation and amortization outside the United States was £1.24 billion. In its third-quarter update in November, Flutter said, excluding its U.S. business, that it expected 2021 adjusted earnings to be between $1.24 billion and $1.28 billion. of pounds sterling.

For the first seven weeks of 2022, performance was in line with expectations, with revenue up 2% year on year, reflecting strong comparisons, he said. Revenue growth is expected to accelerate as 2022 progresses, assuming a normal streak of sporting results and reflecting the staggering of sporting margin comparables and safer play measures taken in 2021.

 

Write to Kyle Morris at [email protected]

 

(END) Dow Jones Newswire

March 01, 2022 02:42 ET (07:42 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.