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BRIEF-Paddy Power-owner Flutter's H1 earnings fall 10% on betting taxes

Published 07/08/2019, 04:12 pm
Updated 07/08/2019, 04:20 pm
© Reuters.  BRIEF-Paddy Power-owner Flutter's H1 earnings fall 10% on betting taxes
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Aug 7 (Reuters) - Flutter Entertainment PLC FLTRE.I :

* H1 REVENUE +18% TO £1,020M

* H1 ONLINE REVENUE +8%, AUSTRALIA +16%, US +148%

* UNDERLYING EBITDA OF £196M - £21M REDUCTION ON H1 2018 AFTER AN INCREMENTAL £47M IN TAXES AND DUTIES

* EXCLUDING THESE TAXES AND DUTIES, GROUP UNDERLYING EBITDA GREW 15%

* EQUIVALENT NET DEBT TO EBITDA RATIO OF 0.8X

* FULL YEAR 2019 UNDERLYING EBITDA FOR GROUP (EXCLUDING US) EXPECTED TO BE BETWEEN £420M AND £440M

* IN US, CUSTOMER ACQUISITION INVESTMENT LIKELY TO LEAD TO AN EXPECTED EBITDA LOSS IN 2019 OF APPROXIMATELY £55M

* CEO SAYS CONFIDENT WE CAN MAKE FURTHER GOOD PROGRESS IN H2

* GREY MARKET SWITCH OFFS WILL REDUCE GROUP REVENUE BY APPROXIMATELY £14M THIS YEAR, £10M OF WHICH WILL BE IN SECOND HALF Further company coverage: FLTRE.I

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