Firm behind Paddy Power and Betfair to list on New York Stock Exchange, leaving native Euronext
Flutter Entertainment, the group behind Sky Betting, Paddy Power and Betfair, has announced that it is set to list on the New York Stock Exchange, in a move that will see it delist from its native Euronext Dublin.
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00:00 Hello I'm Michael Crosland, Business Reporter with the Yorkshire Post and we have some news today
00:04 from Flutter Entertainment which is a group behind Skybetting, Paddy Power and Betfair
00:10 amongst other brands. The group's announced that it is set to list on the New York Stock Exchange
00:15 in a move that will see it delist from its native Euronext Dublin. The firm which is
00:21 headquartered in Ireland said that the New York Stock Exchange listing would become effective
00:25 in the first quarter of 2024 and that it would delist from Euronext either simultaneously
00:31 or shortly before that. The move comes as the group announces that its expected adjusted earnings
00:38 will fall on the lower end of expectations due to what it has described as customer-friendly
00:43 sports results. The group which also houses the Percostars brand said that it expected
00:50 adjusted earnings in its US arm to be around 140 million. The group announced a previous guided
00:57 earnings range of between 90 million and 190 million. Excluding the US the group said that
01:03 its adjusted earnings would now be approximately 1.44 billion. It previously announced a guided
01:10 range of between 1.44 and 1.6 billion. The group however did see a 13% rise in its year-on-year
01:18 revenue for the third quarter which landed at just over 2 billion and that's up from 1.89 billion
01:25 the year prior. Chief Executive Peter Jackson said the group was excited about his plans heading into
01:31 the sports-rich months of November and December. In Australia the group said that a challenging
01:38 racing market which was seen in the second quarter of the year had continued into the
01:42 months of July, August and September leading to a revenue decline of 7%. Following the trading
01:49 update, Flutter Entertainment did see its shares drop by more than a tenth in early trading reaching
01:55 their lowest since February of this year. That's all we have at the minute, I'm Michael Crosland
02:00 reporting for the Yorkshire Post.