Flutter sees FY earnings at bottom of range, to delist in Dublin

WestRock Co

09/11/2023 07:16

DUBLIN, Nov 8 (Reuters) - Flutter expects full-year
earnings excluding the nascent U.S. market to be at the bottom
of its previously forecast range, the world's largest online
betting company said on Thursday, as it reported an 8%
year-on-year rise in third-quarter revenues.
    Flutter  FLTRF.L  said in August it expected full-year
adjusted ex-U.S. core profit to rise to 1.44-1.6 billion pounds
($1.77-1.97 billion). Since then, the company saw "very customer
friendly" sports results in September and October, it said.
    The Paddy Power, Betfair and Fanduel owner became the first
online betting operator to turn a profit in the U.S in the first
half and said on Thursday that, despite ongoing investment
there, it expects full-year U.S. earnings of 140 million pounds
versus its previous 90-190 million pound estimate.
    The Dublin-based group also announced plans to delist from
Euronext Dublin when it adds a New York listing in the first
quarter of 2024. It had expressed hopes of staying in Dublin
alongside its primary London listing but said on Thursday that
keeping two listings would "minimise regulatory complexities".  
    It is the latest blow for the Irish bourse after building
materials giant CRH  CRH.N  left for New York in September and
Smurfit Kappa  SKG.I  prepares to follow suit as part of an $11
billion deal to buy U.S. rival WestRock  WRK.N .
    ($1 = 0.8139 pounds)

 (Reporting by Padraic Halpin
Editing by Mark Potter)
 ((padraic.halpin@thomsonreuters.com; +353 1 500 1504; Reuters
Messaging: padraic.halpin.thomsonreuters.com@reuters.net))