(RTTNews) – Flutter Entertainment Plc (FLUT,FLTR.L)), a sports and betting firm, on Tuesday registered a wider pre-tax loss for the first-quarter, reflecting higher costs and expenses. However, the company recorded an increase in revenue.
For the three-month period, Flutter posted a pre-tax loss of $162 million, compared with a loss of $152 million, recorded for the same period last year.
Net loss stood at $177 million or $1.10 per share as against previous year’s loss $111 million or $0.58 per share. This loss reflects non-cash expenses including, a wider loss of $184 million related to a change in the fair value of the Fox Option liability, due to a higher valuation of FanDuel against last year’s loss of $64 million.
Excluding items, income per share decreased to $0.10 from previous year’s $0.69 per share, primarily due to the Fox Option charge of negative $1.04.
Adjusted EBITDA rose to $514 million from $352 million last year.
Operating profit was $124 million, compared with a loss of $15 million a year ago.
Other expenses surged to $174 million from last year’s $45 million.
Interest expenses were $112 million, higher than $92 million in 2023.
General and administrative expenses were $409 million as against $342 million last year.
Technology, research and development expenses climbed to $190 million from $168 million in the previous year.
Cost of sales stood at $1.793 billion, versus last year’s $1.541 billion.
Revenue was $3.397 billion, up from last year’s $2.918 billion, supported by the continued growth of the company’s U.S. business, where revenue increased 32 percent, strong iGaming momentum in UKI, and the addition of MaxBet in the first-quarter that added $47 million or two percentage points to Group’s revenue growth.
Looking ahead, for the full year, the company still expects U.S. revenue and adjusted EBITDA mid-points of $6 billion and $710 million, representing year on year growth of 36.3 percent and 206.1 percent, respectively.
Excluding the U.S. market, the Group continues to project revenue and adjusted EBITDA mid-points of $7.85 billion and $1.73 billion, representing year on year growth of 6.3 percent and 5.4 percent respectively.
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