Flutter Entertainment

Accelerating momentum pre disruption

  • Sectors : Gaming
  • Companies : Flutter Entertainment

Ratings and price correct at time of issue.

  • Flutter Entertainment

    Closing Price: 7796p

  • RATING 08/05/19

  • PREVIOUS RATING 29/08/17

    NEUTRAL

DAVY VIEW

Flutter Entertainment’s (Flutter) Q1 update confirms that COVID-19 has disrupted a very strong start to the year – revenues until March 15th increased by 29% year-on-year (yoy), with equally encouraging customer momentum. Its performance since then has also been more resilient than expected, down 32% in recent weeks. With receipt of Irish competition approval (on April 16th), deal completion is edging ever closer. Year-to-date performance of both groups (see The Stars Group’s positive Q1 update also this morning) suggests the acquisition will create a fast growing and diversified business, with accelerating momentum across several key businesses and geographies.

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Apr 17 2020, 07:20 IST/BST

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