Reported group revenue saw a substantial rise of 106% for 2020 compared to a year prior, up to £4.4bn ($6.1bn), which came in at £5.26bn on a pro forma basis when accounting for the integration of TSG last May.
Adjusted Group EBITDA improved 13% from 2019 on a pro forma basis up to £1.23bn, and 109% to £889m on a reported basis.
Profit before tax for the Paddy Power operator was just £1m, a 99% drop on a reported basis, while earnings per share fell 84% down to 29.3p. However, gross profit was up 18% to £3.48bn.
96% of the operator’s total group revenue came from online gaming, with £5bn posted in online revenue on a pro forma basis, representing a 34% rise. Pro forma cash was £817m for the period. Flutter attributed the revenue rise to strong customer growth and “positive sports results”, with the sporting calendar seeing a return to a congested schedule across European football leagues in Q4. It reported a 25% increase in sports revenue for the period, up to £3bn on a pro forma basis.
The operator also mentioned how the successful integration of TSG helped boost its revenue, with the deal to create a merged entity worth £3.8bn completed on 5 May.
Flutter has started 2021 in the same vein, with group revenue up 36% for the first seven weeks of the year to 21 February, compared to the previous period.
Flutter CEO Peter Jackson said: “2020 was an historic year for the group as we completed our merger with TSG, commenced the integration of our two businesses and increased our ownership of FanDuel in the US, whilst at the same time navigating the challenges presented by the COVID-19 pandemic.”
