Shares in Flutter Entertainment PLC (LSE:FLTR) jumped 12% as the City shrugged off news that US results had been impacted by “customer friendly” results, particularly in the NFL.
The owner of Paddy Power said fourth quarter revenue in the US was impacted by customer friendly sports results to the tune of $343 million, partially mitigated by expected gross revenue margin being better than anticipated.
Overall, fourth quarter US net revenue of £1.14 billion was around £147 million below previous guidance.
But analysts at Peel Hunt said given the strength of staking growth in the US, “we are not concerned about the health of the US business.”
Excluding the US, the group, which owns Betfair and Paddy Power, said performance was in line with previous guidance.
Peter Jackson, Chief Executive, said: “While sports results were very customer friendly, particularly on the NFL in November, the underlying momentum in the business remains very strong heading into 2024.”
Flutter said the US listing was on track for January 29.
Peel Hunt expects this additional listing to be a “significant driver” of the share price as US domestic investors invest in a local market leader.