- Entain
- 06 March 2025 09:05:16
Source: Sharecast
Entain said underlying earnings were up 12% in FY24 at £1.08bn, partly due to a 6% increase in net gaming revenue, excluding the company's US operations, and an expansion of online EBITDA margins to 25.3%, ahead of expectations as the firm benefited from stronger than anticipated growth and operational efficiencies.
UK and Ireland online net gaming revenues returned to growth sooner than expected in Q3, and in Q4, grew more than 21%, in line with market, while Brazil net gaming revenues grew 41% year-on-year.
The FTSE 100-listed group also highlighted that in the US, its BetMGM joint venture's "accelerating momentum and strategic refinement" underpinned its confidence in delivering a positive EBITDA performance in FY25 and the pathway to $500.0m EBITDA "in the coming years".
Interim chief executive Stella David said: "2024 has been a year of transformation for Entain. I am delighted to see that our strategic and operational improvements are translating into strong performance; clear evidence that our strategy is delivering. I want to thank all my colleagues for their tremendous hard work and resilience.
"Entain has a high-quality portfolio of iconic brands with podium positions in attractive markets. Our return to organic growth is the beginning of our rebuild journey; our momentum continues, and we have started the year strongly. I am incredibly proud of our achievements so far and look forward to our opportunities ahead."
As of 0900 GMT, Entain shares were up 2.61% at 761.60p.
Reporting by Iain Gilbert at Sharecast.com