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Entain PLC on Wednesday reported a quarterly rise in net gaming revenue as it entered 2023 with ‘good momentum’.
Entain is a London-based gaming and sports betting firm.
The FTSE 100-listed company said it expects earnings before interest, tax, depreciation and amortisation for 2022 to be in the range of £985 million to £995 million. It had previously guided for a range of £925 million to £975 million.
At best, the new guidance represents a 13% rise from 2021’s Ebitda of £881.7 million.
For the fourth quarter of 2022, net gaming revenue rose 11% year-on-year and 7% at constant currency.
It reported ‘record’ online net gaming revenue. It rose 12% year-on-year, reflecting a ‘successful men’s World Cup, partly offset by weather disruptions to sporting fixtures’, Entain explained.
For the whole of 2022, group net gaming revenue was up 12% year-on-year and 10% at constant currency. Online net gaming revenue, however, was down 1% compared to 2021, and also down 2% at constant currency. The outturn was as a result of ‘strong Covid comparators and the absorption of regulatory changes, particularly in the UK and Germany,’ the Ladbrokes owner said.
Chief Executive Officer Jette Nygaard-Andersen said: ‘2022 has been another year of strong financial, operational and strategic progress for Entain. We have continued to grow our revenues in a sustainable and diversified way by expanding our global footprint, broadening our customer appeal, entering new areas of entertainment, and providing a safe environment for our customers. All of this has led to a record number of active customers in Q4, as well as a full year Ebitda performance ahead of our previous expectations.’
Entain said it has started 2023 with ‘good momentum’ across the business.
Back in August, Entain had reported revenue of £2.09 billion for the six months that ended June 30, up 19% year-on-year from £1.77 billion. Pretax profit, however, tumbled by 70% to £39.5 million from £130.6 million.
Entain shares were up 2.6% at 1,527.50 pence each on Wednesday morning in London.
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