Entain Reverses To H1 Loss, But Revenue Improves

Entain Plc (GMVHF), a sports-betting, gaming, and interactive entertainment provider, on Thursday reported a pre-tax loss for the first-half, amidst higher administrative expenses and cost of sales. However, the company registered an improvement in revenue.

For the six-month period to June 30, the entertainment provider posted a pre-tax loss of 448.1 million pounds, compared with a profit of 39.5 million pounds of previous year period. Underlying pre-tax income moved up to 287.6 million pounds from previous year’s 152.4 million pounds.

After tax, loss stood at 506.2 million pounds or 84.5 pence per share as against last year’s profit of 25 million pounds or 4.6 pence per share.

Underlying post-tax income rose to 217.1 million pounds from previous year’s 121.7 million pounds. However, underlying income per share fell to 21.6 pence per share from previous year’s 29.3 pence per share.

Operating loss was at 426 million pounds, compared with a profit of 133.6 million pounds a year ago. Underlying operating earnings were at 307.4 million pounds, versus 246.5 million pounds a year ago.

EBITDA was a loss of 123.8 million pounds as against last year’s EBITDA of 411.8 million pounds. Underlying EBITDA improved to 499.4 million pounds from 471 million pounds of 2022.

Cost of sales stood at 919.9 million pounds, higher than 767.1 million pounds of last year. Administrative costs jumped to 1.835 billion pounds from last year’s 1.088 billion pounds.

Revenue was 2.377 billion pounds, compared with 2.094 billion pounds a year ago.

Entain will pay an interim dividend of 8.9 pence per share, which represents a 5 percent increase per share from last year. The interim dividend is expected to be paid in September to shareholders on register as of August 18.

Looking ahead, for full year 2023, the company expects Group EBITDA to be in the range of 1 billion pounds to 1.050 billion pounds, pre accounting for TAB NZ.

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