Dear Shareholder,
We have faced a number of challenges throughout 2023, both industry-wide and Entain-specific. Despite the challenges, the Group delivered Revenue +11% ahead of 2022 and underlying EBITDA3 of £1,007.9m (2022: £993.2m) with our acquisitions contributing strongly to the Group’s performance.
Financial highlights:
- Group NGR (excluding US) up +11% (+11%cc2), -2% on a proforma basis
– Online NGR up +12% (+12%cc2) in 2023, -3% on a proforma basis
Excluding regulatory impacts, underlying proforma Online NGR growth of +3%cc2
Record level of Online active customers, +23% YoY, +10% proforma5
– Retail NGR up +9% (+8%cc2), proforma +2%cc2, reflecting the acquired shops in New Zealand and Poland, and the continued strength of the retail estate
- BetMGM delivered a strong performance through the year
– 2023 NGR of $1.96bn, +36% year on year at the top end of expectations
– 14% market share in sports betting and iGaming in the markets where BetMGM operates
– Positive EBITDA for H2 2023
- Group profit after tax before separately disclosed items was £339.1m (2022: £223.9m)
- Group loss after tax was £878.7m (profit of £32.9m), reflecting the DPA settlement and impairment charges related to Australia point of consumption tax increases and portfolio optimisation
- Net debt of £3,290.9m (2022: £2,749.8m) and leverage of 3.3x (3.1x proforma5)
- Adjusted diluted EPS of 44.2p (2022: 60.5p)
- Second Interim Dividend of 8.9p per share announced, bringing the total dividend for the 17.8p per share
Notes:
1. 2023 and 2022 statutory results are audited with the tables presented relating to continuing operations and include both statutory and non-statutory measures.
2. Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2023 exchange rates.
3. Proforma references include all 2022 and 2023 acquisitions as if they had been part of the Group since 1 January 2022.
4. Contribution represents gross profit less marketing costs and is a key performance metric used by the Group, particularly in Online.
5. EBITDA is earnings before interest, tax, depreciation and amortisation, share based payments and share of JV income. EBITDA is stated pre separately disclosed items.
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