Flutter’s underlying annual profit fell as the gambling group was hit by a string of punter-friendly sporting results in the UK and Ireland.
The owner of Paddy Power’s adjusted pro forma pretax profit dropped 22% to £620m at constant currency from a year earlier as revenue rose 17% to £6.04bn.
Flutter said it suffered an “unprecedented run” of customer-friendly sports results cost it £232m in revenue, including £149m in the fourth quarter. Customers also pursued other leisure activities when Covid-19 restrictions were relaxed.
The FTSE 100 group posted a £288m statutory pretax loss after a £543m charge for acquired intangibles.
Flutter said trading in the first seven weeks of 2022 was in line with expectations with group revenue up 2%. If sports results return to normal, revenue growth will accelerated during 2022, the company said.
The company said it was monitoring the situation in Russia and Ukraine closely. Russia accounted for a £41m “contribution” in 2021 and Ukraine was £19m.
Peter Jackson, chief executive, said: “Overall, I am pleased with the progress we have made during 2021 and believe Flutter is exceptionally well positioned for future growth.”
