Bookmaker Flutter said on Friday that interim pre-tax losses had widened despite seeing revenues continue to grow throughout the half.
Flutter reported a pre-tax loss of £112.0m for the six months ended 30 June, deepening from £86.0m a year earlier, principally due to a £286.0m charge for amortisation of acquired intangibles.
Underlying earnings sunk 23% to £434.0m and the group’s underlying loss per share widened from 50.4p to 64.7p.
Revenues rose 11% to £3.38bn amid recreational player growth, with the group particularly pleased by the momentum seen in the US.
Chief executive Peter Jackson said: “The first half of 2022 was positive for the Group with significant progress made against the strategic objectives we outlined in March.
“The second half of the year has started well and we look forward to the start of the football seasons in both the US and Europe. Being part of the Flutter Group provides unique strategic advantages to our portfolio of brands, giving access to expertise, technology, and resources to drive performance and capitalise on further growth opportunities we see ahead.”
Reporting by Iain Gilbert at Sharecast.com
