Paddy Power and Betfair owner Flutter Entertainment PLC (LON:FLTR) told investors that 2020 has started strongly and it is looking forward to this summer’s Euro 2020 soccer tournament as an “excellent opportunity” to engage with and acquire customers.
It comes against challenging regulatory conditions, with the bookie anticipating a £20-25mln dent in revenue as a result of new restrictions on UK credit card deposits.
In terms of 2019’s financial results, flutter reported a 14% rise in year-on-year revenue to £2.14bn and pre-tax profit of £136mln, down 38% with profitability dented by tax and regulatory impacts.
The company proposes a full year dividend of 200p per share.
Coronavirus and any potential impact on the sporting calendar has yet to factor into Flutter’s outlook for 2020, although there have been calls for governments to restrict or suspend certain international events to limit ‘unnecessary’ travel.
READ: Flutter’s Stars Group acquisition approved in Australia
In Thursday morning deals, Flutter shares fell 270p or 3.06% to trade at 8,556.
Operationally, the focus is on the completion and integration of US gaming firm The Stars Group.
"2019 was a very significant year for Flutter, with further successful expansion in the United States, enhancement of responsible gambling initiatives within our business and the announcement in October of our proposed merger with The Stars Group,” said Peter Jackson, Flutter chief executive.
“I am immensely proud of the group's performance given the complex regulatory environment. The entrepreneurial culture of our business and the quality of our people are continuing to drive our global expansion while providing our teams with the opportunities they seek to develop their careers and gain new experiences.”