FDJ revenue and profits down for H1 despite “gradual recovery” from pandemic

By Iqbal Johal

Despite a gradual recovery from the coronavirus pandemic, La Française des Jeux (FDJ) saw H1 revenue decline 15% year-on-year.

The French operator’s adjusted revenue was down to €849m ($997m) for the six months until 30 June, with EBITDA decreasing 16% to €174m, partially offset by a savings plan of more than €80m for the 2020 fiscal year.

Gross gaming revenue fell by 15% down to €829m, with net profit standing at €50m for the six months, 48% less than in 2019.

Stakes fell by 18% to €6.9bn, which had been up 5% in mid-March before the pandemic forced the suspension of live sport, consequently dropping 60% over the next two months.

But the lifting of lockdown measures in France from May and the gradual return of major sports leagues, allowed the operator to recover, aided by the resumption of its Amigo lottery game on 8 June.

However, lottery stakes decreased 13% to €5.8bn, and sports betting stakes reduced by 39% down to €1.1bn, which was partly due to the French Ligue 1 ending in April, after being halted in March.

While FDJ returned to a similar level of activity from mid-June compared to 2019, the operator refused to record any forecasts for the rest of the financial year, due to uncertainties that remain.

FDJ CEO Stéphane Pallez, said: “The strong mobilisation of the group, from the start of the health crisis, and a savings plan quickly implemented have made it possible to limit the impact of the half-year results.”

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