Flutter Entertainment remains an attractive company for investors due to the firm’s “strategic position” and recent US expansion, despite the £22.6bn betting giant downgrading its full-year earnings forecast as a result of ‘adverse’ sports results during October.
In its Q3 2021 results released last week (2 November), the owner of Paddy Power, Sky Bet and Betfair, among others, lowered its guidance for adjusted EBITDA to £1.24-1.28bn, down from its earlier prediction of £1.27-1.37bn. The firm explained the 7% top-line reduction was a result of "unfavourable sports results", which cost the company £75m across its international business, along with a £10m hit from its Netherlands exit as a result of regulation, with a further £40m cost in 2022. Stock Spotlight: One of the world's 'most polished PR machines' HSBC doubles profits in Q3 Chief ex...
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