StockMarketWire.com - Gambling company Flutter Entertainment said it had seen 'encouraging' performance in the second half of the year after reporting a slump in first-half profit as higher costs offset a rise in revenue.

For the six months ended 30 June 2020, pre-tax profit fell 70% to £24m, while revenue increased 49% to £1.5bn. 'The group's first half financial performance exceeded expectations as we benefitted from geographic and product diversification,' the company said.

The company also said it had seen encouraging trading H2 to date, 'benefitting from condensed football fixtures, favourable sports results and ongoing resilience of gaming.'

Looking ahead to 2020, the company estimated adjusted earnings (EBITDA) between £1,175m and £1,325m for the group excluding the US.

Flutter Entertainment also forecasts an EBITDA loss of £140-to-160m for its US business assuming 'online launches in Tennessee and Michigan in H2 and the continuation of mobile registration in Illinois for the full remainder of the half.'

'The outlook remains highly uncertain, due to potential further Covid-19 related disruption and possible regulatory change across various markets,' the company said.

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