Publishes Financial Results for Quarter 1 by Entain
Entain Group Reports Strong First Half Financial Results and Expansion Plans
Entain Group, a leading name in the online gaming and sports betting industry, has announced its financial results for the first half of 2022, showcasing a robust performance and ambitious expansion plans.
The London-based company reported a significant increase in its net revenue, which grew by almost 20% to over 2.1 billion pounds. This impressive growth was accompanied by an increase in the group's fundamental operational profit, which went up by 20% to 246 million pounds.
However, the iGaming revenue of Entain Group saw a decrease of 7%, while the sports brands net revenue dipped by 6%. Contrastingly, the business-to-business sector experienced a notable growth, going from almost 10.5 million to 15 million pounds.
The retail net revenue of Entain Group witnessed a substantial increase of 232% to 635 million pounds in the year-over-year comparison. On the other hand, the online net revenue saw a decrease of 7%.
The group's gross profit also saw a substantial rise, increasing by 17% to a touch over 1.3 billion pounds. The underlying EBITDA also followed suit, going up by 17% to 471 million pounds.
Entain Group's current debt stands at 2.2 billion pounds, with a debt to EBITDA correlation of 2.3. In light of these figures, the company has announced a new progressive dividend strategy. The mid-term dividend will equate to 8.5 pence earned per share, with 50 million pounds to be paid out to current shareholders in September. In addition, the company plans to pay out an additional 100 million pounds at the end of the fiscal year, in equal portions based on the results of the first half and full year.
In a move to expand its presence, Entain Group is venturing into the Eastern European market. The company has formed a new subsidiary, Entain CEE, which will specifically lead the Central and Eastern Europe region. Entain Group is also acquiring Croatian sports league SuperSport as part of this expansion.
Entain Group's leadership remains optimistic about achieving their goals set for the upcoming quarters. The company is continuing to work towards its objectives to fulfill its long-term strategies.
In conclusion, Entain Group's first half financial results demonstrate a strong performance, despite some minor setbacks in certain sectors. The company's expansion into Eastern Europe and its new dividend strategy are indicative of its commitment to growth and shareholder value.
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