Paddy Power owner to present last UK results before US listing
Two of the UK's biggest gambling companies, Flutter and 888, are set to announce their results next week amid rumours of US listings and takeovers.
Flutter, which owns Paddy Power and Betfair, will present its final trading update on Thursday before its shares start trading in New York. Meanwhile, London rival 888 is reportedly fending off potential suitors and will share its full-year results on Wednesday.
Analysts predict that 888 will report a revenue of £1.71 billion and an adjusted pre-tax profit of £26 million for the year. According to a Sunday Times report, 888 rejected a bid worth about £700 million from Playtech last summer.
With a market value of just under £360 million on Friday, investors will be keen to hear about any other bids for the business. Flutter plans to take its shares to the US markets at the end of January.
The company has announced that listing on the New York Stock Exchange won't change its spot in the FTSE 100. They just want to show that a big chunk of their money, about 40%, is made in America now.
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People in the US already know about the company's FanDuel business because it lets folks bet on big sports games, horse races, and play casino games online.
"Flutter's FanDuel is a familiar brand to many US domestic investors," said Ivor Jones and Douglas Jack from Peel Hunt last month.
"The shares offer them exposure to a fast-growing, local market leader with a cash cow international business. We expect increased demand and solid trading to drive up the shares."
Not long ago, these analysts at Peel Hunt said Flutter's shares are a good buy and they think the price will go up to 16,000p. On Friday, the shares were going for about 12,800p.
* An AI tool was used to add an extra layer to the editing process for this story. You can report any errors to [email protected]
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