Entain’s shares are up more than 8% after the FTSE 100 operator reported online NGR for H2 2024 is ahead of expectations this morning.
The brief trading update comes as the group prepares for a series of investor meetings this week, with the company’s share price sitting at 691p, at the time of writing.
The operator revealed H2’s online performance was outstripping internal projections after a relatively flat first six months of the year.
Entain said: “As evidenced in our H1 results on 8 August 2024, we continue to make strong progress, with our focused execution bearing fruit across our operational performances.
“The improving momentum delivered during Q2 has continued, with online NGR growth during H2 2024 to date ahead of our expectations.”
Breaking the performance down by geography, Entain noted the UK and Ireland had returned to year-on-year (YoY) growth “earlier than expected”.
Additionally, within the market, there had been an “accelerated recovery across gaming and sports” while sports betting volumes and margins were also noted as “stronger”.
International and Central and Eastern Europe was described as performing well while retail operations were within expectations.
The update comes as new CEO Gavin Isaacs starts his second full official week leading the business.
Isaacs’ appointment was confirmed in July, with the former Aristocrat head stepping into the position last Monday, 2 September.
He replaced interim CEO Stella David who will soon step up to become Entain chair at the end of the month, in turn replacing Barry Gibson in the process.
Elsewhere, the group also pointed to product gains in the US with its BetMGM JV focused on the NFL after the new season started last week.
Product improvements include new Angstrom Sports-powered markets as well as the ‘single wallet, single account’ roll out in Nevada.
Entain’s H1 NGR was up 6% YoY to £2.6bn as bosses highlighted Brazil as a key growth driver.
The first six months of the year were reported to be in line with expectations, with full-year 2024 guidance having been upgraded as a result.
EBITDA for the 12 months is expected to be in the range of between £1.04bn and £1.06bn, with pro forma growth in online NGR expected to be low single-digit positive.
Entain will deliver its Q3 update on 17 October.
EGR has explored how Isaacs’ appointment could shift the company’s fortunes and how Brazil has become one of the operator’s core growth markets.
The post Entain’s share price spikes as H2 online NGR above expectations first appeared on EGR Intel.