Updated:2024-04-01 08:02 Views:181
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，Casino games 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.