Flutter stock falls: Flutter 2021 with pre-tax loss

The result was impacted by non-cash amortization of acquired intangible assets amounting to £543m (around EUR650m). The Dublin-based betting and gaming operator reported a pre-tax loss of £288m compared to a profit of £1m a year earlier.

Revenue rose to £6.04 billion from £4.41 billion previously. Earnings before interest, taxes, depreciation and amortization excluding the US business were £1.24 billion. When it reported its third quarter results in November, Flutter said it expected 2021 adjusted profit to be between £1.24 billion and £1.28 billion excluding the US business.

In the first seven weeks of the current year, business developments have been in line with expectations, with sales up 2 percent year-on-year, reflecting strong comparative figures, the company said.

Revenue growth is expected to accelerate over the course of 2022, assuming, among other things, a normal course in the sports segment and the safer gaming measures taken in the previous year.

Flutter shares temporarily fell 13.98 percent to £92.86 in London.

DJG/DJN/err

LONDON (Dow Jones)

Image sources: Postmodern Studio / Shutterstock.com