Entain Group has recently published their financial analysis for the first half of the year with interesting results.
The bookmaking company Entain Group has lately made its latest financial report public, covering the first half of 2022. The analysis found that the company is on track with its strategic goals, and declared the period a show of “robust performance”.
Starting off with net revenue, the corporation experienced a growth of almost 20%, making over 2.1 billion pounds compared to last year’s figure that was a bit short of 1.8 billion pounds. Revenue saw a similar increase, now sitting at just shy of 2.1 billion pounds. Gross profit increased 17% to a touch over 1.3 billion pounds.
The business’s underlying EBITDA went up as well, by 17%, a change from 401 million pounds to 471 million pounds. Fundamental operational profit went up by 20%, now at 246 million pounds, an increase from 205 million pounds recorded from last year’s first half.
However, the group did also experience downturns in some figures, such as the iGaming revenue going down by 7%. The corporation attributes that to their strong performance last year due to events such as Covid lockdowns, as well as less favorable conditions this year, such as the temporary cessation of operations in the Netherlands.
Breaking down the negative numbers, Entain saw its sports brands lose 6% net revenue, while online lost 7%, as mentioned above, and gaming net revenue decreased by 9%. Consequently, the figures are currently sitting at 700 million, 1.47 billion and 751 million pounds respectively. Conversely, the business to business sector of the firm experienced significant growth, going from almost 10.5 million to 15 million pounds, an increase of over 40%.
Furthermore, the group saw significant increases in retail net revenue. At 635 million pounds the year-over-year revenue jump is measured at a staggering 232%. This is likely due to the easing of lockdowns that were caused by the pandemic, which allowed people to bet at physical stores.
Continuing with the report, the company announced an expansion into the eastern european market. Leading the expansion will be the newly formed Entain CEE (Central and Eastern Europe) subsidiary and the newly acquired Croatian sports league SuperSport.
The business also announced a new progressive dividend strategy. They plan to pay out 100 million pounds at the end of the fiscal year in equal portions in respect to the results of the first half of the year, as well as the results of the full year. Moreover, the mid-term dividend, which will consist of 50 million pounds, will be paid out to current (officially registered by the 19th of August) shareholders in the month of September. That will equate to 8.5 pence earned per share.
Lastly, the corporation’s debt is currently sitting at 2.2 billion pounds, with a debt to EBITDA correlation of 2.3.
The firm stated that they have excellent momentum, and are expected to achieve their goals set for the upcoming quarters. Furthermore, they mentioned that they are continuing to work towards their objectives to fulfill their long-term strategies as well.
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