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Land-BasedFinancialIndustry

FDJ sees 60% drop in stakes as result of lockdown

La Française des Jeux (FDJ) has released an update on the impact of the COVID-19 pandemic on its performance ahead of its general meeting.

fdj

For the two month of lockdown, the French operator saw a reduction of €200m in revenue as a direct result, while EBITDA was impacted by €100m.

This corresponded to a drop of nearly 60% in stakes during the period.

From the beginning of the crisis, FDJ implemented mitigating actions to minimise the impact of the pandemic and save more than 10% of its annual fixed costs - €80 m in total.

Despite the drop in revenue, the operator has insisted on its financial strength with more than €800m in short-term cash available at the end of May.

In February, FDJ Chairwoman and CEO Stéphane Pallez, announced the groups projection for 2020, which forecasted a revenue increase of 5%.

Last year, FDJ generated revenue of €1.96bn for the full-year, a rise of 9% year-on-year.

This growth was halted by the pandemic, which saw stakes drop by 5% in comparison to the previous year, and total revenue fall by 1%.

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