Entain welcomes respite from bad news with H1 results

Hammered hard by marketing conditions, internal revolt, and questionable leadership, Entain may have finally found its footing again. The first half-year results posted as part of a preliminary report earlier today are already offering some reassurance, argues the company’s Chief Executive Officer Stella Davis, who will be passing the baton to long-time industry veteran Gavin Isaacs.

Entain celebrates a successful first-half year in 2024

"Entain’s H1 results are clear evidence that our hard work improving the Group’s operational performance is bearing fruit. Whilst there is more work to do, we are pleased with the progress so far and look forward to building further on these solid foundations in H2 and beyond," Isaacs noted.

In this regard, Entain may have been able to rally itself quicker than competitors, specifically 888 Holdings, which admitted that it had fallen "behind plan." Based on the company’s latest report, group EBITDA inched up to £524m, a 5% growth compared to the same period in 2023.

Meanwhile, group loss after tax stood at £47m. Net gaming revenue for the six months to June 30 stood at £2.55bn compared to £2.40bn in 2023. The company similarly proposed a 9.3 pence per share, up 5% from last year.

The company added that it maintained a robust balance sheet with net debt hitting f £3.32bn and cash on hand at £1.3bn. Entain was fairly optimistic about its guidance, and noted that H1 was further strengthened by the Euros tournament, which drove the company’s sports betting results.

Entain sets out to drive strong online results in 2024

Entain was similarly upbeat about its prospects for online gaming revenues, suggesting that it may rise anything between 1% and 5% this year. David was pleased with the company’s prospects, as the EBITDA projected for the full year is now on track to hit anything between £1.04bn and £1.09bn.

David will step down from her CEO position and transition to Chair as Isaacs assumes the company’s reins on September 2, 2024. Brazil and the Netherlands have also proved to be resilient markets for the company, despite regulatory headwinds.

Image credit: Entain