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Investing.com -- Shares of Entain PLC (LSE:ENT) climbed on Thursday as the company reported its financial results for FY24, aligning with consensus estimates and providing a stable outlook for FY25.
The gaming company’s announcement highlighted a 9% increase in group net gaming revenue (NGR), matching company-compiled consensus figures at £5,162 million.
Entain’s online NGR saw a 9% rise, with a 12% increase on a constant currency basis, and a 6% rise on a proforma basis. Retail NGR also experienced growth, up by 2%, although on a proforma constant currency basis, it remained flat.
The company’s EBITDA for the fiscal year stood at £1,089 million, slightly above the consensus of £1,083 million and within the upper range of its January guidance.
Looking ahead, Entain has expressed confidence in meeting the FY25 consensus EBITDA expectations of £1,109 million.
Analysts from Jefferies have commented on the valuation and strategic direction of Entain in light of recent changes in leadership. "We view the valuation as low and confidence in numbers being re-established after a long period of downgrades.
CEO changes undermine the story, but comfort is derived from Chair Stella David stepping back into the interim CEO role. We do not expect a material change in strategic direction," stated Jefferies.
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