Flutter Revises 2020 Corporate Guidance Due To COVID-19

Flutter Entertainment, which is listed in FTSE100, has been the first UK betting company to update its corporate guidance for the full year 2020.

When releasing a market filing, Flutter anticipates that COVID-19 disruptions across core betting territories that result in a decline of £ 90-110m in its full-year group-wide EBITDA performance.

Flutter governance has forecast that the outbreak of COVID-19 would impact operations as 78 percent of its group revenue is currently generated by betting on global sporting events.

The approximate figures are based on the current expectation that the UK and Irish shops of the company will remain open, and that planned UK, Irish and Australian horse racing equipment will continue to operate, albeit behind closed doors.

Nevertheless, a cancellation of horse racing activities in the three regions is expected to’ incrementally decrease Group EBITDA by around £ 30m a month.’

Commenting on the results, chief executive Peter Jackson said: “The challenge currently facing our business and the industry more widely is unprecedented in modern times. Our focus, first and foremost, is on protecting the welfare of our employees and our customers and we will leave nothing to chance in this regard.

“While our near-term profitability will be impacted by the essential measures being taken globally, the Board will remain focused on protecting shareholder value and managing the business through these turbulent times.”

In its statement, Flutter indicated that before cancellations were reported, trading in the quarter was running ahead of expectations, powered largely by’ good customer momentum and favourable sporting results.’