Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Gambling company Flutter Entertainment cut its annual earnings guidance following adverse performance from its sport business in October.
Adjusted earnings before interest, taxes, depreciation and amortisation, or EBITDA, expectations for 2021 was lowered to £1.24 billon to £1.28 billion, from £1.27 billion to £1.37 billion.
Unfavourable sports results in the first 24 days of October had impacted EBITDA by around £60 million.
The update was provided alongside third quarter results showing a rise in revenue.
For three months ended 30 September 2021, revenue was up 9% to £1.44 billion year-on-year, with sports revenue up 13% and gaming revenue up 1%.
For its US business the company expected to report an adjusted loss before interest, taxes, depreciation and amortisation was expected to be between £250 million and £275 million, compared with prior guidance of £225 million to £275 million.
Net revenue guidance was unchanged at £1.29 billion to £1.43 billion.