Entain H1 Profit Increases; Backs EBITDA Outlook For Full Year

Entain plc (GMVHF) on Thursday reported profit after tax of 90.9 million pounds or 13.8p per basic share during the first half, higher than 22.4 million pounds or 2.5p per basic share in the same period a year ago.

Continuing adjusted EPS was 18.5p compared with 30.5p last year.

Underlying profit before tax for the first six months increased to 246.7 million pounds from 65.9 million pounds in the comparable period last year.

Underlying EBITDA in the first half increased 12% year-over-year to 401.1 million pounds.

Revenue for the period increased 12% to 1.767 billion pound from 1.575 billion pounds in the year-earlier period, on 28% growth in online gaming revenue.

Looking forward to the full year, the company has reaffirmed its previously provided EBITDA outlook in the range of 850 million pounds to 900 million pounds.

"Entain's platform continues to deliver. The quality and diversification of our businesses has enabled us to deliver our 22nd consecutive quarter of double-digit online growth, while also making excellent progress on our strategic priorities. In the US, BetMGM goes from strength to strength with our position as number 2 operator firmly established in the fast-growing sports-betting and iGaming market. We expect to be operational in around 20 states, representing 33% of the US adult population, over the next 12 months," said Jette Nygaard-Andersen, Entain's CEO.

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