Flutter Entertainment PLC (FLTR.DB) said Wednesday that pretax profit fell 24% in the first half and guided for lower adjusted earnings for the full year.
The Dublin-based betting company–which was previously known as Paddy Power Betfair–made a pretax profit of 81.0 million pounds ($98.4 million) compared with GBP106.0 million in the year-earlier period.
Underlying earnings before interest, taxes, depreciation and amortization–the company’s the company’s preferred metric, which strips out exceptional and other one-off items–was down 10% at GBP196 million, hit by higher taxes and duties.
FTSE 100-listed Flutter said first-half revenue rose to GBP1.02 billion compared with GBP866.7 million a year earlier.
The company said it now expects full-year underlying Ebitda of between GBP420 million and GBP440 million excluding U.S. operations and before the adoption