12 August 2025

 

Entain plc

("Entain" or the "Group")

 

H1 ahead of expectations with accelerating strategic progress; FY25 guidance upgraded

 

Entain plc (LSE: ENT), the global sports betting and gaming group, today reports Interim Results¹ for the six-month period ended 30 June 2025 ("H1").

 

·    Total Group Net Gaming Revenue ("NGR²"), including 50% share of BetMGM³, up +7%, +10%cc⁴, with performance of both Entain (+3%, +6%cc⁴) and BetMGM (+35%cc⁴) better than expected  

o  Performance particularly pleasing as prior year Q2 comparators included Euros tournament

o  Online NGR² (exc. US): up +5%, +8%cc⁴, ahead of expectations, with strong volumes in sports and gaming

§ UK&I NGR² +21%cc⁴, outperformance driven by stronger than expected market share recovery and growth in player values

§ Brazil NGR² +21%cc⁴, performing in line with expectations in a highly competitive newly regulated market

·     BetMGM's strong H1 performance supports upgraded⁵ FY25 outlook and clear path to $500m EBITDA⁶ and beyond

·     Margin expansion: H1 Online EBITDA⁶ margin ahead of expectations, driven by NGR² mix and better than anticipated operational efficiencies; FY25 guidance⁷ increased to 25-26%

·     H1 Group EBITDA⁶ of £583m, ahead of expectations, up +11% year on year

o  Total Group EBITDA⁶ including 50% share of BetMGM³ at £625m, up +32% vs prior year

·    FY25 guidance upgraded: H1 performance supports upgraded⁸ expectation of approximately 7% Online NGR² growth on a constant currency basis; mid-single-digit growth on a reported basis:

o  Introducing FY25 Group EBITDA⁶ guidance in the range of £1,100m to £1,150m

·     Appointments of non-executive Chair and CEO provide consistency and continuity of proven leadership

 

Stella David, CEO of Entain, commented:

"I am delighted by the ongoing momentum and strong performance that both Entain and BetMGM have delivered in H1 2025. Entain's transformation journey is well underway, gathering pace and is supported by our high-quality portfolio of iconic brands with podium positions in attractive markets. Our business is getting stronger, fitter and faster, with these results reinforcing our confidence in driving sustainable underlying growth and generating more than £0.5bn of cash annually in the medium term."

 

H1 2025 Trading performance:

	Net Gaming Revenue (NGR2)
	Q1		Q2		H1
	YoY Rpt1	YoY cc4	YoY Rpt1	YoY cc4	YoY Rpt1	YoY cc4
UK & Ireland	10%	10%	8%	8%	9%	9%
International	0%	5%	(4%)	1%	(2%)	3%
CEE	10%	12%	0%	1%	5%	7%
Total Group (exc. US)	5%	8%	1%	4%	3%	6%
Total Online	6%	10%	3%	7%	5%	8%
Total Retail	1%	2%	(4%)	(3%)	(1%)	0%
Total Group inc. 50% of BetMGM3	9%	11%	5%	8%	7%	10%

 

H1 performance highlights:

·      Total Group NGR² including 50% share of BetMGM³, up +7%, +10%cc⁴

o  Group NGR² (exc. US) up +3%, +6%cc⁴, lapping prior year Q2 which included Euros tournament

o  Online NGR² (exc. US) up +5%, +8%cc⁴, better than expected, particularly in the UK

o  Retail NGR² (exc. US) down -1%, flat cc⁴, as anticipated

·      UK & Ireland NGR² +9%cc⁴ ahead of expectations, reflecting improving product and player journeys

o  UK&I Online +21%cc⁴, regaining market share with strong growth in volume and player values, following the levelling of regulatory restrictions

o  UK&I Retail -2%cc⁴, -1%cc⁴ LFL, broadly in line with expectations

·      International NGR² up +3%cc⁴

o  Brazil continued to perform in line with expectations in a highly competitive market, up +21%cc⁴

o  Australia -7%cc⁴ with continued softness in underlying market, whilst New Zealand grew +12%cc⁴

o  Italy +7%cc⁴ (Online +5%cc⁴, Retail +10%cc⁴) with stable market share since Q3 2024

o  Double-digit Online NGR growth in Georgia, Spain, Canada and Greece more than offsetting expected declines in Netherlands and Belgium

·      Entain CEE NGR² up +7%cc⁴ despite football-heavy market lapping strong prior year comparators

o  Croatia +11%cc⁴ continued to perform particularly strongly

·     BetMGM net revenue of $1,349m, up 35%cc⁴ YoY, ahead of expectations with ongoing strategic execution delivering strong and profitable growth

o  iGaming +28%cc⁴, driven by leading offering, exclusive content and differentiated engagement

o  Online sports +61%cc⁴, with strengthened product and refined player engagement delivering KPI's ahead of expectations

o  H1 EBITDA⁶ of $109m (up $232m YoY), underpinned by positive contribution from both iGaming and Online Sports

H1 financial highlights

·      Group EBITDA⁶ at £583m, up 11% vs H1 2024

o  Online EBITDA⁶ £502m, +13%, and Retail EBITDA⁶ £141m, flat

o  Total Group EBITDA⁶ including 50% share of BetMGM³ at £625m, up +32% vs prior year

·     Group loss after tax was £117m after charging separately disclosed items, finance charges, exchange differences and tax. In line with IAS 37 accounting requirements, the Directors have resolved to make a provision of approximately £50m in connection with the AUSTRAC proceedings. Please see Note 15 for further details

·      Continuing adjusted diluted EPS⁹ of 31.3p, +154% year on year

·      Declared interim dividend of 9.8p per share, +5% year on year

·      Robust balance sheet with net debt of £3,550.2m, leverage of 3.1x (3.4x including DPA) and available cash of £964m, as at 30 June 2025

·     Successful allocation for repricing and extension of $1,100m term loan and repricing of $2,218m term loan on 30 July 2025. These refinancing actions are net debt neutral, extend the Group's debt maturity profile and reduce annual interest costs by approximately £10m¹⁰

·    Introducing FY25 Group EBITDA⁶ guidance in the range of £1,100 to £1,150m, including H2 absorbing Brazil taxes and additional marketing investment

 

 

H1 summary: 1 January to 30 June 2025

Total Group (ex US)	Reported1
	2025	2024	Change	CC4
Six months to 30 June	£m	£m	%	%
Net gaming revenue (NGR2)	2,626.9	2,555.7	3%	6%
Revenue	2,595.7	2,520.3	3%	6%
Gross profit	1,587.2	1,534.6	3%
Underlying EBITDA6	583.4	523.8	11%
Underlying operating profit11	437.6	287.9	52%
Underlying profit before tax11	226.4	248.5	(9%)
Loss after tax	(116.9)	(5.6)
Continuing diluted EPS (p)	(15.4)	(0.3)
Continuing adjusted diluted EPS9 (p)	31.3	12.3
Continuing adjusted diluted EPS9 exc. US (p)	26.1	21.0
Dividend per share (p)	9.8	9.3

 

 

Q2 2025 Trading performance:

	Q2 2025: 1 April to 30 June 2025
	Total NGR2			Gaming NGR2	Sports NGR2	Sports Wagers	Sports Margin
	Reported1	CC4		CC4
UK & Ireland	8%	8%		11%	3%	5%	(0.4pp)
Online UK&I	20%	20%		23%	13%	9%	0.0pp
Retail UK&I	(3%)	(3%)		(3%)	(2%)	1%	(0.6pp)
International	(4%)	1%		3%	(1%)	(2%)	0.2pp
Online Int'l	(3%)	2%		3%	0%	(2%)	0.2pp
Retail Int'l	(5%)	(3%)		(9%)	(3%)	(4%)	0.1pp
CEE	0%	1%		14%	(2%)	(7%)	1.3pp
Online CEE	2%	3%		15%	(1%)	(7%)	1.6pp
Retail CEE	(7%)	(7%)		5%	(8%)	(6%)	(0.7pp)
Group (exc. US)	1%	4%		8%	0%	0%	0.2pp
Online	3%	7%		12%	2%	0%	0.3pp
Retail	(4%)	(3%)		(3%)	(3%)	(1%)	(0.3pp)
BetMGM	29%	36%
Online	31%	37%
Retail	(9%)	(5%)
Total Group inc. 50% of BetMGM3	5%	8%
Online	8%	12%
Retail	(4%)	(1%)

 

 

 

H1 2025 Trading performance:

	H1 2025: 1 January to 30 June 2025
	Total NGR			Gaming NGR	Sports NGR	Sports Wagers	Sports Margin
	Reported1	CC2		CC2
UK & Ireland	9%	9%		11%	6%	4%	0.1pp
Online UK&I	21%	21%		23%	16%	10%	0.3pp
Retail UK&I	(2%)	(2%)		(4%)	1%	(1%)	0.3pp
International	(2%)	3%		2%	3%	0%	0.5pp
Online Int'l	(2%)	3%		2%	3%	1%	0.4pp
Retail Int'l	1%	4%		(11%)	4%	(3%)	1.4pp
CEE4	5%	7%		15%	5%	(3%)	1.8pp
Online CEE	6%	8%		16%	6%	(4%)	2.0pp
Retail CEE	1%	2%		3%	2%	(2%)	1.0pp
Group (exc. US)	3%	6%		7%	4%	1%	0.5pp
Online	5%	8%		11%	5%	2%	0.5pp
Retail	(1%)	0%		(4%)	2%	(2%)	0.7pp
BetMGM1	33%	35%
Online	35%	37%
Retail	(16%)	(15%)
Total Group inc. 50% of BetMGM1	7%	10%
Online	10%	13%
Retail	(2%)	0%

Capital Allocation Committee

The Capital Allocation Committee remains committed to delivering shareholder value, continuing to monitor the Group's strategic progress alongside its significant capital commitments.

Appointments of non-executive Chair and CEO

As announced on 11 February 2025, Gavin Isaacs stepped down as Chief Executive Officer (CEO). Stella David was appointed as permanent CEO on 29 April 2025. On 12 August, Pierre Bouchut was appointed as permanent non-executive Chair having assumed the role on an interim basis since February 2025. Both appointments provide consistency and stability of proven leadership as the business pursues its many growth opportunities.

Dividend

In line with the Group's progressive dividend policy, the Board has declared an interim dividend for 2025 of c£63m, (9.8p per share, up 5% year on year). The interim dividend in respect of H1 2025 results is expected to be paid on 29 September 2025 to shareholders on the register on 22 August 2025.

Guidance and current trading

The second half of the year has started well, in line with our upgraded expectations, and we anticipate delivering underlying Online NGR growth at least in line with our markets.

Our upgraded⁸ guidance expects FY25 Online NGR² growth of approximately 7% on a constant currency⁴ basis, or mid-single-digit growth on a reported basis. As a result of our improving underlying growth and better than anticipated operational efficiencies, our FY25 Online EBITDA⁶ margin expectation is increased to 25-26%⁷.

We are introducing FY25 Group EBITDA⁶ guidance in the range of £1,100 to £1,150m, which includes absorbing Brazil taxes as well as additional H2 marketing investment to support our momentum through 2025 and into 2026.

Guidance and current trading (continued)

BetMGM has also performed strongly in H1 2025 and now expects⁵ to deliver FY25 revenue of at least $2.7bn with EBITDA⁶ of at least $150m. The business is as healthy as it has ever been and is well positioned for H2 and the start of the new sports season. BetMGM's accelerating performance so far in 2025 has been ahead of expectations and provides increased confidence in its pathway to EBITDA of $500m and beyond.

Guidance for Total Group EBITDA⁶ including 50% share of BetMGM³ implies¹² strong double-digit growth for FY25.

The Group's continued strategic delivery reinforces our confidence in Entain's pathway to generating over £0.5bn of annual adjusted¹³ cash flow in the medium term.

 

Notes

(1)     H1 2025 reported numbers are unaudited and relate to continuing operations

(2)     Net Gaming Revenue ("NGR") is defined as Net Revenue before charging for VAT and Sales Taxes. A full reconciliation of this non-GAAP measure is provided within the Income Statement

(3)     Non-GAAP measures including the Group's 50% share of BetMGM NGR and underlying EBITDA are shown to facilitate the understanding of the Group's performance in comparison to its peers.  A reconciliation of these non-GAAP measures is shown in Financial Results and the use of non-GAAP measures

(4)     Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2025 exchange rates

(5)     BetMGM previous FY25 guidance of at least $2.6bn Net Revenue and at least $100m EBITDA provided on 16 June 2025

(6)     Underlying EBITDA is defined as earnings before interest, tax, depreciation and amortisation, share-based payments and share of JV income. Underlying EBITDA is stated pre-separately disclosed items

(7)     Previous guidance of FY25 Online EBITDA margin of c25% provided at FY24 results (6 March 2025)

(8)     Previous guidance of FY25 Online NGR growth of mid-single-digit% on a constant currency basis, provided at FY24 results (6 March 2025)

(9)     Adjusted for the impact of separately disclosed items, foreign exchange movements on financial indebtedness and losses/gains on derivative financial instruments (see Note 8 in the interim financial statements)

(10)   Previous guidance for FY25 cash interest of approximately £240m provided at FY24 results (6 March 2025), updated guidance at Interim Results (12 August 2025)

(11)   Stated pre separately disclosed items

(12)   BetMGM's guidance of at least $150m underlying EBITDA and midpoint of Entain Group underlying EBITDA guidance range of £1,100 to £1,150m

(13)   Cashflow before working capital, dividends, acquisitions and associated financing; as stated at FY24 results (6 March 2025)

Enquiries
Investor Relations - Entain plc	investors@entaingroup.com
Media - Entain plc	media@entaingroup.com
Sodali & Co Rob Greening/Russ Lynch/Sam Austrums	Tel: +44 (0) 20 7250 1446 entain@sodali.com

Presentation and webcast

Entain will host our 2025 Interim Results presentation and Q&A session today, Tuesday 12^th August at 9:30am BST, at Bank of America, 2 King Edward Street, City of London, London, EC1A 1HQ.

Analysts and investors are welcome to attend in person, having pre-registered via in-person registration link.

Alternatively, please join the webcast approximately 15 minutes ahead of the event: live online webcast link

The presentation slides as well as a replay and transcript will be available on our website: https://entaingroup.com/investor-relations/results-centre/

 

Upcoming dates:

Q3 2025 Trading Update:                    15 October 2025

Dividend Timetable

Announcement date:                            12 August 2025

Ex-Dividend date:                                21 August 2025

Record date:                                         22 August 2025

Payment date:                                       29 September 2025

Forward-looking statements

This document contains certain statements that are forward-looking statements. They appear in a number of places throughout this document and include statements regarding our intentions, beliefs or current expectations and those of our officers, Directors and employees concerning, amongst other things, results of our operations, financial condition, liquidity, prospects, growth, strategies and the business we operate. These forward-looking statements include all matters that are not historical facts. By their nature, these statements involve risks and uncertainties since future events and circumstances can cause results and developments to differ materially from those anticipated. Any such forward-looking statements reflect knowledge and information available at the date of preparation of this document. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation (596/2014) as it forms part of English law by virtue of the European Union (Withdrawal) Act 2018, the UK Listing Rules, the Disclosure Guidance and Transparency Rules and the Prospectus Rules), the Company undertakes no obligation to update or revise any such forward-looking statements. Nothing in this document should be construed as a profit forecast. The Company and its Directors accept no liability to third parties in respect of this document save as would arise under English law.

About Entain plc

Entain plc (LSE: ENT) is a FTSE100 company and is one of the world's largest sports betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports brands include BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet, Sports Interaction, STS and SuperSport; Gaming brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino. The Group operates the TAB NZ brand as part of a long-term strategic partnership with TAB New Zealand. The Group owns proprietary technology across all its core product verticals and in addition to its B2C operations, provides services to a number of third-party customers on a B2B basis.

The Group has a 50/50 joint venture, BetMGM, a leader in sports betting and iGaming in the US. Entain provides the technology and capabilities which power BetMGM as well as exclusive games and products, specially developed at its in-house gaming studios. The Group is tax resident in the UK and is the only global operator to exclusively operate in domestically regulated or regulating markets operating in over 30 territories.

Entain is a leader in ESG, a member of FTSE4Good, the DJSI and is AAA rated by MSCI. For more information see the Group's website: www.entaingroup.com.

LEI: 213800GNI3K45LQR8L28

 

CHIEF EXECUTIVE OFFICER'S REVIEW

Entain is a leading player in sports betting and gaming, a global industry with attractive structural growth dynamics. We are proud to be the most diversified leader of scale in our sector, only operating in regulated or regulating markets.

The Group's enviable portfolio of podium positions and iconic brands is diversified across product, channel and geography, operating in attractive growth markets with a stable regulatory outlook. Approximately 98% of our Group's revenue comes from markets that are growing, and over 85% of our revenues come from markets where Entain has a top three market position.

We are focused on providing great player experiences with engaging products and content, underpinned by leading player protection. Entain's customer offer benefits from our global scale combined with increasingly localised expertise, all powered by our proprietary in-house technology and product capabilities.

Our diversified, resilient and increasingly agile business operates leadership positions in a sector that has structural growth embedded. This underpins the sustainability and quality of our earnings growth today and enables us to deliver consistent returns and long-term value for our shareholders for many years ahead.

I am delighted to have been appointed as Chief Executive in April this year and I am excited to lead the business forward and deliver the many opportunities we have ahead. 

Entain has started 2025 strongly. We continue to make great strides along our transformation journey, strengthening our technology, product and operational capabilities, refocusing our execution and rebuilding the underlying growth in our business. Our stronger than expected H1 results are further evidence that our strategy is succeeding. We have more to do, returning our business to its winning ways, making it stronger and fitter for the opportunities ahead. I am very proud of the progress achieved so far and I am increasingly confident in Entain's exciting long-term future.

H1 2025 performance

During 2024, the Group returned to organic growth for both Net Gaming Revenue (NGR¹) and underlying EBITDA², and this strong momentum has continued into 2025. Entain ended the first half of the year ahead of expectations, driven by our focused operational execution further strengthening our underlying growth.

Total Group NGR¹ including our 50% share of BetMGM³ was up +7% (+10%cc⁴), with Entain Group NGR¹ up +3% (+6%cc⁴) and BetMGM Net Revenue +35%cc⁴ versus the prior year. Although we lapped prior year comparators boosted by the Euros tournament, our Online business delivered year on year NGR¹ growth of +5% (+8%cc⁴) and Retail was flat on a constant currency⁴ basis.

The Group's stronger than expected H1 growth was both high quality and profitable, delivering Group underlying EBITDA² of £583m, up +11% year on year, with underlying EBITDA² including our 50% share of BetMGM³ at £625m, up +32% versus 2024.

H1 2025 Online Net Gaming Revenue1 YoY				H1 2025 Retail Net Gaming Revenue1 YoY
	Rpt5	CC4			Rpt5	CC4
Group Online inc. 50% BetMGM3	10%	13%		Total Retail	(1%)	flat
Online ex. 50% BetMGM	5%	8%		UK&I / LFL	(2%)/(1%)	(2%)
UK&I	21%	21%		International	1%	4%
International	(2%)	3%		Italy	7%	10%
Australia	(13%)	(7%)		Belgium	(11%)	(9%)
Italy	3%	5%		Entain CEE	1%	2%
Brazil	2%	21%		Croatia	(2%)	1%
New Zealand	9%	18%		Poland	3%	4%
Georgia	9%	14%
Spain	36%	39%
Other	(8%)	(5%)
Entain CEE	6%	8%
Croatia	11%	14%
Poland	2%	2%

 

 

Group strategic priorities

The Group has made great strides on its transformation journey, becoming a stronger and more agile business. We are returning Entain to its winning ways and driving sustainable high quality and profitable earnings growth. 

To deliver value to all our shareholders, Entain has clear and consistent strategic priorities:

·      Organic revenue growth - sustainable customer acquisition and retention by providing engaging end-to-end player experiences

·      Margin expansion - agile and disciplined scaled operating model enabling operational excellence and expanding returns

·      Market share gains - sustainable growth driving outperformance of our markets over the long term

Our focus on delivering revenue and earnings growth the right way, being disciplined on how we invest our capital and how we conduct our operations, is a key component in our long-term value creation.

As our FY24 and H1 2025 results demonstrate, we have made excellent progress, with our actions successfully driving improved performance. Importantly, there is still a lot of hard work to do, and we continue to press ahead with increased vigour, seeking to embrace learnings from across our business, our customers, as well as from behaviours of leading global organisations, that will see Entain return to its winning ways.

Organic revenue growth and market share gains

The cornerstone of rebuilding underlying sustainable growth in our business is player acquisition and retention. Our customers remain central to our mindset and through the half we accelerated the pace of our product initiatives, delivering not only on brilliant basics but also improved end-to-end player journeys and experiences. Coupled with our enhanced offering we have reinvigorated our acquisition and marketing channels, refocusing on driving growth in markets with greatest strategic or commercial returns.

Given their significance in our portfolio and the scale of future opportunities, the UK, Brazil and the US are the Group's "must win" markets. All were standout markets in H1, performing strongly alongside many of our other markets and demonstrating the progress made across the Group's. We anticipate our strong performances will translate into growth at least in line with our markets, reinforcing that our strengthened and diverse business is well positioned for H2 and beyond.

UK & Ireland

The UK&I is Entain's largest market. As such, delivering growth is crucial to the Group's overall performance. I am delighted with our UK&I business' strong H1 performance, with +9%cc⁴ NGR¹ growth ahead of our expectations.  

Online growth of +21%cc⁴ was a key highlight, demonstrating that, having returned to growth during 2024, the strong momentum continues into 2025. This impressive year on year performance sees us regaining market share, with growth across both volumes and player values reflecting our improving player experience as well as the levelling of regulatory restrictions which had unevenly restricted our customers' engagement in prior years.

Alongside our smoother customer journeys, our UK offering and player experience benefited from numerous initiatives, seeing both sports and gaming deliver strong double-digit NGR¹ growth in H1. Gaming NGR¹ grew +23%cc⁴ as players enjoyed our leading gaming content including an unrivalled library of in-house and exclusive games. Our Sportsbook enhancements to product as well as UX, delivered Sports NGR¹ growth +16%cc⁴.

Our teams are also refining our marketing and reinvigorating our brands. Alongside a greater emphasis on performance marketing, we also have brought the brands closer to our customers through partnerships with Liverpool and Birmingham City football clubs. These initiatives are driving engagement, improving retention and next bet consideration scores. We have recently launched our new "Lad-is-faction" campaign and have lots more in the pipeline for later this year.

As we look to H2, aside from the noise of prior year comparators, our momentum is strong, and we anticipate delivering underlying growth at least in line with our market.

The UK&I is an omni-channel market, and our iconic brands and retail footprint bring many opportunities. Our UK&I Retail shops performed in line with expectations for H1, down -1%cc⁴ on LFL basis.  

 

International

Brazil is the fastest growing market outside of the US, with its newly regulated sports betting and gaming regime now live, having launched on 1 January 2025. Our Brazil business continues to perform well in this intensely competitive market with Online NGR¹ up +21%cc⁴. Our encouraging performance to date, including a successful Day 1 launch, is testament to the relentless focus of our local management supported by critical end-to-end technology execution, which continues to evolve in this new regulatory regime. Alongside our locally tailored offering, our reinvigoration of the Sportingbet brand and player acquisition approach is delivering strong results.

Our partnership as the main sponsor of Palmeiras football club is highly complementary to Sportingbet's sports heritage and we are delighted by the player engagement results. Most recently our end-to-end engagement approach to the Club World Cup delivered fantastic results. Supported by our focused execution and increasingly localised offering, we believe we are well positioned for success in this attractive albeit highly competitive market.

Australia is the largest Online market in our International division. Its performance during H1 reflected the continuing softness in the underlying market as well as customer friendly racing results in Q1. Whilst H1 NGR¹ was lower than the prior year, we continue to focus on improving the quality of our player base as our Ladbrokes and Neds brands differentiate themselves in this product led market. Entain Australia's partnership with TAB NZ continues to make progress with accelerating momentum seen through H1 as more New Zealand customers enjoy our enhanced sports betting experience. The regulatory landscape also saw notable favourable developments with the New Zealand Government introducing a legislative "net" to restrict offshore unlicenced operators from offering racing and sports betting to New Zealand customers, as well as the new online casino regulation bill making positive early progress.

In Italy, our business continues to operate in a competitive and consolidating market. The Italian market remains strong with omnichannel operators outperforming as brand recognition and physical points-of-sale continue to be key drivers of online customer acquisition and engagement. Our omnichannel brand Eurobet, continues to leverage its footprint and maintain market share, offering new sports markets and exclusive gaming products. Entain's multi-brand approach secures a podium position, and we believe we are well placed to benefit as lower tier operators adjust to the revised online licensing expected later this year.

Entain CEE

Our Entain CEE business continues to perform well with NGR¹ up +7%cc⁴ YoY. Although this fast growing and highly attractive region continues to be competitive, both our Supersport and STS brands retain their #1 market positions in Croatia and Poland respectively. SuperSport continues to be a standout performer with Online NGR¹ up +14%cc⁴ and Retail NGR¹ +1%cc⁴, as players enjoy our strong brand and engaging product offering. STS is also performing well despite the sports only business continuing to face heightened competitive intensity and inflated customer incentives ahead of Poland's potential liberalisation of iGaming in the medium-term.

BetMGM

BetMGM, Entain's 50/50 joint venture with MGM Resorts, has firmly cemented its podium position in the world's largest sports betting and gaming market. Building on momentum gained during 2024, the excellent H1 2025 performance reinforces that BetMGM is as healthy as it has ever been.

H1's stellar +35%cc⁴ growth in net revenue and inflection to $109m of underlying EBITDA² is a result of key product improvements, particularly online sports, combined with enhanced player engagement, refined customer acquisition and retention strategies, as well as further unlocking of BetMGM's unique omnichannel advantage.

In iGaming, our best-in-class content and differentiated engagement tools drove strong player acquisition and engagement. Net revenue growth accelerated through the period, from 27%cc⁴ in Q1 to 29%cc⁴ in Q2. This represents true like for like growth with no new states launched, nor expected to, this year.

Our Online Sports product experience is smoother, faster, richer and more featured, including expanded markets and pricing capabilities. BetMGM's strengthened offer, refined marketing and "premium mass" customer focus have driven increased player engagement and H1 net revenue growth of 61%cc⁴. BetMGM's execution is delivering results ahead of expectations. However, we are not resting on our laurels. BetMGM has a strong pipeline of exciting initiatives to rollout through the rest of 2025 and beyond.

Both iGaming and Sports are benefitting from our unique omnichannel proposition, from live activations in MGM properties to our immersive live dealer studio within MGM Grand. Our seamless digital wallet has seen a four-fold increase in actives who continued to play with us after returning home from Nevada.

The combination of accelerating revenue momentum, marketing efficiency and attractive player paybacks has delivered material EBITDA and cash generation in the first half of 2025.

BetMGM's H1 outperformance, strong momentum and expected continuing refined strategic execution supported its upgraded 2025 guidance for both Net Revenue and underlying EBITDA². This strong and profitable growth increases our conviction in BetMGM's pathway to EBITDA of $500m EBITDA and beyond.  

Margin expansion

Alongside the Group's strategic priorities of revenue and market share growth, is margin expansion. The alignment and simplification of our structures is enabling greater agility which has been fundamental in supporting more effective and efficient day to day execution as well as our ambitions of operational excellence. Our efficiency programme is on track and will generate annual savings of at least £100m from 2026.

The first half of 2025 benefited from some efficiency initiatives outperforming expectations as well as the powerful operating leverage that our scaled business model enjoys. This progress is reflected in our upgraded FY25 Online underlying EBITDA² margin guidance and allows us to increase marketing investment in H2 to support our strong momentum.

Our ongoing efficiency initiatives also free up capital to reinvest back into product and player experience, supporting further growth. As we more effectively capitalise on delivery of growth opportunities, build scale and operational leverage we are confident in driving further margin expansion in future years.

H1 - 2025 sustainability highlights:

At Entain, sustainability is integral to our strategy and long-term success. Our Sustainability Charter's core pillars direct our activity, addressing our customers, employees and stakeholders:

·     Be a leader in player protection - We aim to deliver safe, positive experiences for all our customers. With our 'Engage, Support and Protect' principles guiding our approach, we ensure we adapt to market specifics and collaborate effectively with regulators, maintain high quality employee training and provide proven safer gambling tools.

·     Provide a secure and trusted platform - Entain is proud of our commitment to only operate in regulated or regulating markets. In 2025 so far, we have revised our Global Ethics Register, launched new mandatory training, completed a UK fraud risk assessment, and enhanced our Group corporate governance practices.

·     Create an environment for everyone to do their best work - Entain strives to be an employer of choice who builds an inclusive and supportive culture where talent from all backgrounds can thrive. In early 2025, we implemented a company-wide performance framework and launched a Women in Leadership apprenticeship to build a robust pipeline of female leaders equipped for future senior roles. While we have more work to do, our overall engagement score rose by seven points in our annual Your Voice survey.

·     Positively impact our communities - In Q1 2025, we updated our environmental strategy, setting new Scope 1 and 2 targets using a 2023 baseline which more accurately reflects our structure. Due to supplier and market dependencies, we've retired our 2035 Scope 3 net zero target but remain committed to engaging suppliers to drive long-term emissions reductions.

The sustainability reporting landscape continues to evolve, Entain sees this as an opportunity to strengthen stakeholder engagement, embed robust practices, and build business resilience. In H1 2025, we have begun:

·  Conducting a thorough review of our double materiality assessment in line with European Sustainability Reporting Standards (ESRS), to support reporting against the EU Corporate Sustainability Reporting Directive (CSRD)

·  Monitoring activity of the UK and international Governments in adoption of the International Sustainability Standards Board (ISSB) Standards, and preparing to engage in this process

·   Reviewing data processes for our ESG KPIs to meet future assurance requirements

Sustainability Recognitions during 2025 so far include:

·      Retained Tier 1 in the CCLA Corporate Mental Health Benchmark 2025

·      Winner of 3 awards and 17 nominations at the Women in Gaming Diversity Awards 2025.

 

Notes

(1)     Net Gaming Revenue ("NGR") is defined as Net Revenue before charging for VAT and Sales Taxes. A full reconciliation of this non-GAAP measure is provided within the Income Statement and supporting memo

(2)     Underlying EBITDA is defined as earnings before interest, tax, depreciation and amortisation, share-based payments and share of JV income. Underlying EBITDA is stated pre-separately disclosed items

(3)     Non-GAAP measures including the Group's 50% share of BetMGM NGR and underlying EBITDA are shown to facilitate the understanding of the Group's performance in comparison to its peers.  A reconciliation of these non-GAAP measures is show in Financial Results and the use of non-GAAP measures

(4)     Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2025 exchange rates

(5)     H1 2025 reported numbers are unaudited and relate to continuing operations

Financial Results and the use of non-GAAP measures

The Group's statutory financial information is prepared in accordance with International Financial Reporting Standards ("IFRS") and IFRS Interpretations Committee (IFRS IC) pronouncements as adopted for use in the European Union. In addition to the statutory information provided, management have also provided additional information in the form of NGR, Contribution and EBITDA as these metrics are industry standard KPIs which help facilitate the understanding of the Group's performance in comparison to its peers. A full reconciliation of these non-GAAP measures is provided within the Income Statement and supporting memo.

In addition, also to support the understanding of the Group's performance in comparison to its peers, information on NGR and EBITDA performance including the Group's 50% share of our US joint venture BetMGM has been provided. A reconciliation of these non-GAAP measures is provided below:

Total Group (inc US)
	2025	2024	Change	CC2
Six months to 30 June	£m	£m	%	%
Reported NGR	2,626.9	2,555.7	3%	6%
50% share of BetMGM NGR	522.9	394.3	33%	35%
Group plus 50% share of BetMGM NGR	3,149.8	2,950.0	7%	10%
Reported underlying EBITDA	583.4	523.8	11%
50% share of BetMGM underlying EBITDA	42.1	(48.3)	187%
Group plus 50% share of BetMGM underlying EBITDA	625.5	475.5	32%

 

During the current year, the Group has amended the presentation of NGR into 3 categories, sports NGR, gaming NGR and other NGR, to better align with both peers and internal reporting. Other NGR includes B2B revenue, which has previously been reported separately, but also immaterial items that were previously allocated to either sports NGR or gaming NGR based on their nature. Restatement of the segments and channels on a consistent basis can be found at: https://entaingroup.com/investor-relations/results-centre/

CHIEF FINANCIAL OFFICER'S REVIEW

FINANCIAL PERFORMANCE REVIEW

Group

	Reported results1
Six months to 30 June	2025	2024	Change	CC2
	£m	£m	%	%
NGR3	2,626.9	2,555.7	3%	6%
VAT/GST	(31.2)	(35.4)	12%	6%
Revenue	2,595.7	2,520.3	3%	6%
Gross profit	1,587.2	1,534.6	3%
Contribution4	1,280.5	1,194.2	7%
Operating costs	(697.1)	(670.4)	(4%)
Underlying EBITDA5	583.4	523.8	11%
Share-based payments	(8.2)	(8.9)	8%
Underlying depreciation and amortisation6	(171.6)	(169.7)	(1%)
Share of JV income/(loss)	34.0	(57.3)	159%
Underlying operating profit6	437.6	287.9	52%

Reported Results¹:

NGR³ and Revenue increased by +3% (+6%cc²) in the first half versus 2024 with growth in Online +8%cc² and Retail in line cc².

Contribution⁴ in the first half of £1,280.5m was 7% higher than 2024. Contribution⁴ margin was higher than 2024 reflecting the benefit of geographic mix on the blended margin, improved operational efficiencies and lower year on year H1 marketing given the Euros tournament in the prior year.

Operating costs were 4% higher, resulting in underlying EBITDA⁵ of £583.4m, up 11% compared to 2024.

Share-based payment charges were £0.7m lower than last year, while underlying depreciation and amortisation⁶ was 1% higher. Share of JV income of £34.0m includes an operating income of £33.6m relating to BetMGM (2024: £55.7m loss).

Group underlying operating profit⁶ was 52% ahead of 2024. After separately disclosed items of £320.3m (2024: £224.5m), the Group made an operating profit of £117.3m (2024: £63.4m).

After charging finance costs, exchange differences and tax, the Group made a loss after tax of £116.9m (2024: £5.6m).

 

UK & Ireland

	UK & Ireland Total			UK & Ireland Online					UK & Ireland Retail
Six months to 30 June	H1	H1	Change		H1	H1	Change		H1	H1	Change
	2025	2024	%		2025	2024	%		2025	2024	%
	£m	£m			£m	£m			£m	£m
Sports wagers	2,593.3	2,500.4	4%		1,246.8	1,141.0	9%		1,346.5	1,359.4	(1%)
Sports margin	16.7%	16.6%	0.1pp		13.5%	13.2%	0.3pp		19.7%	19.4%	0.3pp
Sports NGR3	406.0	384.3	6%		146.9	127.5	15%		259.1	256.8	1%
Gaming NGR3	676.9	609.5	11%		417.6	338.8	23%		259.3	270.7	(4%)
Other NGR3	9.3	10.9	(15%)		0.5	0.6	(17%)		8.8	10.3	(15%)
Total NGR3	1,092.2	1,004.7	9%		565.0	466.9	21%		527.2	537.8	(2%)
EU VAT/GST	(2.4)	(2.1)	(14%)		(2.4)	(2.1)	(14%)		-	-	-
Revenue	1,089.8	1,002.6	9%		562.6	464.8	21%		527.2	537.8	(2%)
Gross profit	744.4	680.3	9%		364.4	295.1	23%		380.0	385.2	(1%)
Contribution4	636.0	553.2	15%		257.1	169.2	52%		378.9	384.0	(1%)
Contribution4 margin	58.2%	55.1%	3.1pp		45.5%	36.2%	9.3pp		71.9%	71.4%	0.5pp
Operating costs	(362.4)	(353.8)	(2%)		(95.5)	(81.7)	(17%)		(266.9)	(272.1)	2%
Underlying EBITDA5	273.6	199.4	37%		161.6	87.5	85%		112.0	111.9	0%
Share-based payments	(2.0)	(3.2)	38%		(1.4)	(2.2)	36%		(0.6)	(1.0)	40%
Underlying depreciation and amortisation6	(71.5)	(72.9)	2%		(27.3)	(24.0)	(14%)		(44.2)	(48.9)	10%
Share of JV (loss)/income	-	-	-		-	-	-		-	-	-
Underlying operating profit6	200.1	123.3	62%		132.9	61.3	117%		67.2	62.0	8%

Reported Results¹:

During the first half of 2025, we continued to make operational progress in the UK, building on the player journey enhancements delivered in the prior year, further streamlining customer journeys and improving product and player experiences. Growth was ahead of our expectations, up 9%cc² year on year.

In Online, NGR³ was +21%cc² year on year with both sports and gaming up +16%cc² and +23%cc² respectively.

In Retail, H1 NGR³ was -2%cc² YoY (LFL -1%), with sports +1%cc² partially offsetting gaming -4%cc².

Gross profit of £744.4m was £64.1m ahead of 2024 with contribution⁴ margin of 58.2% up 3.1pp year on year. Marketing spend was £18.7m lower than 2024, partly due to prior year phasing ahead of the Euro 2024 tournament, resulting in contribution⁴ of £636.0m, up £82.8m versus 2024.

Operating costs were -2% higher than 2024 reflecting underlying inflation in Online offset by disciplined cost control and Retail shop closures. Underlying EBITDA⁵ of £273.6m was £74.2m ahead of 2024. After charging depreciation and amortisation⁶ and share-based payments, operating profit⁶ of £200.1m was £76.8m ahead of 2024 with increased depreciation⁶ charges a reflection of the recent investment in our product offerings across both channels.

After separately disclosed items of £11.4m (2024: £6.9m), the operating profit was £188.7m (2024: £116.4m).

 

International

	International Total				International Online				International Retail
Six months to 30 June	H1	H1	Change		H1	H1	Change		H1	H1	Change
	2025	2024	%		2025	2024	%		2025	2024	%
	£m	£m			£m	£m			£m	£m
Sports wagers	5,855.0	6,172.8	(5%)		5,087.1	5,356.1	(5%)		767.9	816.7	(6%)
Sports margin	15.1%	14.6%	0.5pp		14.5%	14.1%	0.4pp		19.0%	17.6%	1.4pp
Sports NGR3	738.6	755.6	(2%)		592.8	611.6	(3%)		145.8	144.0	1%
Gaming NGR3	488.4	500.1	(2%)		482.0	492.7	(2%)		6.4	7.4	(14%)
Other NGR3	66.4	63.1	5%		59.4	56.4	5%		7.0	6.7	4%
Total NGR3	1,293.4	1,318.8	(2%)		1,134.2	1,160.7	(2%)		159.2	158.1	1%
EU VAT/GST	(28.8)	(33.3)	14%		(26.5)	(30.6)	13%		(2.3)	(2.7)	15%
Revenue	1,264.6	1,285.5	(2%)		1,107.7	1,130.1	(2%)		156.9	155.4	1%
Gross profit	693.0	717.4	(3%)		630.8	654.9	(4%)		62.2	62.5	(0%)
Contribution4	508.9	519.5	(2%)		451.4	461.9	(2%)		57.5	57.6	(0%)
Contribution margin4	39.3%	39.4%	(0.1pp)		39.8%	39.8%	-		36.1%	36.4%	(0.3pp)
Operating costs	(234.3)	(218.5)	(7%)		(198.8)	(182.2)	(9%)		(35.5)	(36.3)	2%
Underlying EBITDA5	274.6	301.0	(9%)		252.6	279.7	(10%)		22.0	21.3	3%
Share-based payments	(1.8)	(2.5)	28%		(1.8)	(2.5)	28%		-	-	-
Underlying depreciation and amortisation6	(90.2)	(87.2)	(3%)		(72.0)	(69.3)	(4%)		(18.2)	(17.9)	(2%)
Share of JV (loss)/income	(0.6)	(0.9)	33%		(0.6)	(0.9)	33%		-	-	-
Underlying operating profit6	182.0	210.4	(13%)		178.2	207.0	(14%)		3.8	3.4	12%

Reported Results¹:

International NGR³ in the first half was -2% lower than the prior year, although up +3%cc² on a constant currency basis. The division reported strong underlying performance across its largest markets except for Australia, with International Online NGR³ down -2% but +3%cc² ahead and Retail up +1% or +4%cc² compared to last year.

Brazil continues to perform strongly, and, after a successful transition into the new regulatory regime, NGR³ was +21%cc² ahead of 2024.

Italy NGR³ was +7%cc² ahead of 2024, Online +5%cc² and Retail +10%cc², helped by favourable sports results in both channels.

Online NGR³ in Australia, our largest international online market, was -7%cc²  behind 2024 due to ongoing softness in the underlying market as well as customer friendly racing results in Q1 weighing on H1 margin.

New Zealand NGR³ was +12%cc² ahead of 2024, with Online +18%cc² and Retail down -8%cc², with the launch of a second local brand Betcha during 2024 H2 now gaining traction. We look forward to building on this momentum particularly with the introduction of New Zealand Government legislative "net" which restricts offshore unlicenced operators from offering racing and sports betting to New Zealand customers.

Baltics and Nordics Online NGR³ was +7%cc² year on year with inflationary pressures in the region starting to abate and our content leadership strategy paying dividends. Impacted by known regulatory headwinds, NGR³ in Belgium was -12%cc² (-13%cc² in online and -9%cc² in retail) and in the Netherlands was -29%cc².

Georgia NGR³ was +14%cc² ahead of 2024

as the business continues to benefit from its differentiated marketing approach including its sponsorship of the national football league and branded network of affiliates.

 

Resulting gross profit for International segment was -3% behind 2024 due to lower year on year NGR³ as well as the digestion of £29m of Brazilian taxes in the new regulatory regime. Marketing spend was £13.8 m lower than 2024 reflecting the increased spend on Euros last year, and so despite decreased NGR³, contribution⁴ margin only decreased by -0.1pp, leaving contribution⁴ at £508.9m.

Operating costs were -7% higher year on year, due to inflation and some in year phasing. Resulting underlying EBITDA⁵ of £274.6m was -9% below 2024.  Excluding the impact of the new Brazil tax, underlying EBITDA⁵ was £2.5m ahead of the prior year. After deducting depreciation and amortisation⁶ and share-based payments, operating profit⁶ was £182.0m, £28.4m lower than 2024.

After separately disclosed items of £108.2m (2024: £96.2m), the operating profit was £73.8m (2024: £114.2m).

 

CEE (Croatia and Poland)

	CEE Total				CEE Online				CEE Retail
Six months to 30 June	H1	H1	Change		H1	H1	Change		H1	H1	Change
	2025	2024	%		2025	2024	%		2025	2024	%
	£m	£m			£m	£m			£m	£m
Sports wagers	760.1	794.3	(4%)		636.4	667.2	(5%)		123.7	127.1	(3%)
Sports margin	24.7%	22.9%	1.8pp		24.1%	22.1%	2.0pp		27.9%	26.9%	1.0pp
Sports NGR3	172.2	165.6	4%		138.0	131.8	5%		34.2	33.8	1%
Gaming NGR3	66.8	59.5	12%		61.5	54.2	13%		5.3	5.3	-
Other NGR3	14.8	15.8	(6%)		11.6	12.5	(7%)		3.2	3.3	(3%)
Total NGR3	253.8	240.9	5%		211.1	198.5	6%		42.7	42.4	1%
EU VAT/GST	-	-	-		-	-	-		-	-	-
Revenue	253.8	240.9	5%		211.1	198.5	6%		42.7	42.4	1%
Gross profit	149.8	136.9	9%		122.2	109.9	11%		27.6	27.0	2%
Contribution4	135.6	121.5	12%		109.1	95.7	14%		26.5	25.8	3%
Contribution4 margin	53.4%	50.4%	3.0pp		51.7%	48.2%	3.5pp		62.1%	60.8%	1.3pp
Operating costs	(40.9)	(36.8)	(11%)		(21.1)	(18.1)	(17%)		(19.8)	(18.7)	(6%)
Underlying EBITDA5	94.7	84.7	12%		88.0	77.6	13%		6.7	7.1	(6%)
Share-based payments	-	-	-		-	-	-		-	-	-
Underlying depreciation and amortisation6	(9.5)	(9.2)	(3%)		(7.2)	(5.7)	(26%)		(2.3)	(3.5)	34%
Share of JV (loss)/income	-	-	-		-	-	-		-	-	-
Underlying operating profit6	85.2	75.5	13%		80.8	71.9	12%		4.4	3.6	22%

Reported Results¹:

CEE NGR³ in the first half of 2025 was +5% ahead of the prior year (+7%cc²).

NGR³ in Croatia was +11%cc² ahead of 2024 with our SuperSport brand continuing to perform strongly, with online NGR³ +14%cc² ahead and Retail +1%cc².

NGR³ in Poland was +2%cc² ahead of 2024 with Online +2%cc² and Retail +4%cc² despite a very competitive landscape in Poland and this football heavy market lapping the Euros tournament.

Gross profit of £149.8m was +9% ahead of 2024. In year phasing of marketing spend, £14.2m in H1 and £1.2m favourable YoY, resulted in contribution⁴ of £135.6m, up +12% versus 2024 with a margin⁴ of 53.4%, +3.0pp ahead of the prior year.

Operating costs were £4.1m higher than 2024, due to inflation in Croatia. Resulting underlying EBITDA⁵ of £94.7m was £10m ahead of the prior year, up +12%. After charging depreciation and amortisation⁶ of £9.5m, operating profit⁶ was £85.2m, £9.7m ahead of 2024.

After separately disclosed items of £83.7m (2024: £85.7m), the operating profit was £1.5m (2024: loss of £10.2m).

 

Corporate

		Reported results1
Six months to 30 June	2025		2024	Change
	£m		£m	%
Underlying EBITDA5	(59.5)		(61.3)	3%
Share-based payments	(4.4)		(3.2)	(38%)
Underlying depreciation and amortisation6	(0.4)		(0.4)	-
Share of JV income/(loss)	34.6		(56.4)	161%
Underlying operating loss6	(29.7)		(121.3)	76%

Reported Results¹:

Corporate underlying costs⁵ of £59.5m were £1.8m lower than last year driven by cost control in line with our wider Romer agenda.

After share-based payments, depreciation and amortisation⁶ and share of JV income, Corporate underlying operating loss⁶ was £29.7m, a £91.6m improvement over the prior year.  The favourable variance is driven by the US JV, BetMGM, which provided an income of £33.6m in H1 (2024: loss of £55.7m).

After separately disclosed items of £117.0m (2024: £35.7m), the operating loss was £146.7m (2024: £157.0m).

 

Notes

(1)   2025 reported results are unaudited and relate to continuing operations

(2)   Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2025 exchange rates

(3)   Net Gaming Revenue ("NGR") is defined as Net Revenue before charging for VAT and Sales Taxes. A full reconciliation of this non-GAAP measure is provided within the Income Statement

(4)   Contribution represents gross profit less marketing costs and is a key performance metric used by the Group, particularly in Online

(5)   Underlying EBITDA is defined as earnings before interest, tax, depreciation and amortisation, share-based payments and share of JV income. Underlying EBITDA is stated pre-separately disclosed items

(6)   Stated pre separately disclosed items

 

STATUTORY PERFORMANCE REVIEW

	Results1
Period ended 30 June	2025	2024	Change	CC2
	£m	£m	%	%
NGR3	2,626.9	2,555.7	3%	6%
Revenue	2,595.7	2,520.3	3%	6%
Gross profit	1,587.2	1,534.6	3%
Contribution4	1,280.5	1,194.2	7%
Underlying EBITDA5	583.4	523.8	11%
Share-based payments	(8.2)	(8.9)	8%
Underlying depreciation and amortisation6	(171.6)	(169.7)	(1%)
Share of JV income/(loss)	34.0	(57.3)	159%
Underlying operating profit6	437.6	287.9	52%
Net underlying finance costs6	(123.6)	(129.8)
Net foreign exchange/financial instruments	(87.6)	90.4
Profit before tax pre separately disclosed items6	226.4	248.5
Separately disclosed items:
Amortisation of acquired intangibles	(131.0)	(148.8)
Provision for civil penalty	(47.7)	-
Other	(143.7)	(86.0)
(Loss)/profit before tax	(96.0)	13.7
Tax	(20.9)	(19.3)
Loss after tax	(116.9)	(5.6)

NGR³ and Revenue

Group NGR³ and revenue were +3% ahead of the prior year (+6%cc²). Further details are provided in the Financial Performance Review section.

Underlying operating profit⁶

Group reported underlying operating profit⁶ of £437.6m was 52% ahead of 2024 (2024: £287.9m). Underlying EBITDA⁵ was 11% ahead, with a strong performance in a number of key markets, including UK & Ireland, offset in particular by Australia and Brazil following the introduction of new gaming taxes. Depreciation and amortisation⁶ was -1% higher than 2024 driven by our recent investment in product and technology. The Group's share of JV income in the period was £34.0m, with £33.6m relating to BetMGM, which was £91.3m higher than 2024 as BetMGM now delivers profitable growth. Analysis of the Group's performance for the period is detailed in the Financial Performance Review section.

Financing costs

Underlying finance costs⁶ of £123.6m (2024: £129.8m) excluding separately disclosed items of £2.1m (2024: £10.3m) were £8.2m lower than 2024 driven by interest savings as a result of the Group's refinancing activity in H1 2024 and reducing market interest rates.

Net losses on financial instruments, driven primarily by a foreign exchange loss on re-translation of debt related items and the settlement of a number of currency swaps, were £87.6m in the period (2024: net gains of £90.4m).

 

Separately disclosed items

Items separately disclosed before tax for the period amount to £322.4m (2024: £234.8m) and relate to £131.0m of amortisation on acquired intangibles (2024: £148.8m), £47.7m relating to a provision for AUSTRAC (2024: nil), a £10.1m (2024: £22.7m) non-cash impairment, with current year relating to ROI retail assets and £35.1m of restructuring costs (2024: £18.8m) primarily relating to those associated with Project Romer.

The Group also recorded a £17.3m charge (2024: £13.8m) including costs relating to our commitments to the DPA and associated shareholder litigation and costs in relation to a potential settlement of historic tax positions, £75.7m (2024: £20.4m) associated with the revaluation of contingent consideration and £2.1m (2024: £10.3m) of other costs including a non-cash write off of issue costs on refinancing of debt.

Separately disclosed items
	2025 £m	2024 £m
Amortisation of acquired intangibles	(131.0)	(148.8)
Movement in fair value of contingent consideration	(75.7)	(20.4)
Provision for civil penalty	(47.7)	-
Restructuring costs	(35.1)	(18.8)
Legal, onerous and regulatory costs	(17.3)	(13.8)
Impairment	(10.1)	(22.7)
Loss on disposal	(3.4)	-
Other including financing	(2.1)	(10.3)
Total	(322.4)	(234.8)

Profit/(loss) before tax

The Group's profit before tax⁶ and separately disclosed items was £226.4m (2024: £248.5m), a decrease of £22.1m on the prior year. After charging separately disclosed items, the Group recorded a pre-tax loss of £96.0m (2024: £13.7m profit), with the separately disclosed costs discussed above having a significant impact on the reported results.

Taxation

The tax charge for the period was £20.9m (2024: £19.3m), reflecting an underlying effective tax rate pre-BetMGM results and foreign exchange gains on external debt of 28.9% (2024: 27.4%) and a tax credit on separately disclosed items of £47.7m (2024: £50.9m).

The underlying effective tax rate on continuing operations for the full year ended 31 December 2025, excluding the results of BetMGM and foreign exchange on financing items, is forecast to be in the guided range of 27-29%.

 

Cashflow

Period ended 30 June	2025	2024
	£m	£m
Cash generated by operations	442.0	459.2
Income tax paid	(42.1)	(48.2)
Net finance expense paid	(117.4)	(127.8)
Net cash generated from operating activities	282.5	283.2
Cash flows from investing activities:
Acquisitions & disposals	-	(0.2)
Loans to third parties	(16.5)	-
Dividends received from associates	-	0.8
Net capital expenditure	(161.5)	(141.5)
Investment in Joint ventures	-	(19.8)
Net cash used in investing activities	(178.0)	(160.7)
Cash flows from financing activities:
Net proceeds from borrowings	(6.8)	594.6
Repayment of borrowings	(12.9)	(302.9)
Settlement of financial instruments and other financial liabilities	(130.9)	(11.0)
Payment of lease liabilities	(38.9)	(35.5)
Dividends paid to shareholders	(59.5)	(56.9)
Dividends paid to non-controlling interest	(9.1)	(0.3)
Net cash used in financing activities	(258.1)	188.0
Foreign exchange	12.0	(5.4)
Net (decrease)/increase in cash	(141.6)	305.1

During the period, the Group had a net cash outflow of £141.6m (2024: net cash inflow £305.1m).

Net cash generated by operations was £282.5m (2024: £283.2m) including £583.4m of underlying EBITDA⁵ (2024: £523.8m) partially offset by a cash outflow on working capital and separately disclosed items, corporate taxes of £42.1m (2024: £48.2m) and £117.4m in interest (2024: £127.8m).

Net cash used in investing activities for the period was £178.0m (2024: £160.7m) and related to net investment in capital expenditure of £161.5m (2024: £141.5m) and loans to third parties of £16.5m (2024: nil). During the prior period the Group received dividends of £0.8m from associates and purchased minority holdings of £0.2m, as well as investing £19.8m in BetMGM.

During the period, the Group paid net £258.1m for financing activities (2024: received £188.0m) with £6.8m of fees paid for the new financing facilities (2024: net received of £594.6m), debt repayments of £12.9m (2024: £302.9m). During the half, £130.9m was paid on settlement of other financial instruments and liabilities relating to contingent consideration on previous acquisitions and the settlement on a number of swap arrangements (2024: net outflow of £11.0m). Lease liability payments of £38.9m (2024: £35.5m) including those on non-operational shops, were made in the period.

During the period, the Group also paid £59.5m in dividends to shareholders (2024: £56.9m) and £9.1m in dividends to non-controlling interests (2024: £0.3m).

 

Net debt and liquidity

As at 30 June 2025, adjusted net debt⁷ was £3,550.2m and represented an adjusted net debt⁷ to underlying EBITDA⁵ ratio of 3.1x (3.4x including the DPA liability). The Group has not drawn down on the revolving credit facility at 30 June 2025 (2024: £nil).

	Par value	Issue costs	Total
	£m	£m	£m
Term loans	(3,489.0)	48.7	(3,440.3)
Interest accrual	(0.2)	-	(0.2)
	(3,489.2)	48.7	(3,440.5)
Cash			447.3
Net debt			(2,993.2)
Cash held on behalf of customers			(180.5)
Fair value of swaps held against debt instruments			(187.2)
Other debt related items*			126.0
Lease liabilities			(315.3)
Adjusted net debt			(3,550.2)

  *Other debt related items include balances held with payment service providers, deposits and other similar items

Refinancing

On 18 March 2025, the Group refinanced its revolving credit facility extending its maturity from July 2026 to March 2030. The facility was also increased and now has total commitments (including letter of credits) of £645m.

On 31 July 2025, the Group announced the refinancing of the existing $1,100m and $2,218m term loans. The existing $1,100m term loan margin reduced by 35bps to 225bps, which was allocated at an original issue discount (OID) of 99.875 and the maturity date has been extended from 29 March 2027 to 31 July 2032. The existing $2,218m term loan margin reduced by 50bps to 225bps, which was allocated at par and the maturity date remains 31 October 2029.

On 7 August 2025, the Group signed a 2 year £500m bridge facility solely for the purposes of acquiring some or all of the Entain CEE minority investment should the need arise. The facility is available to draw for 12 months from signing, extendable by 3 months. If drawn, it has a 9 month term.

Going Concern

In adopting the going concern basis of preparation in the financial statements, the Directors have considered the current trading performance of the Group, the financial forecasts and the principal risks and uncertainties. The Directors have considered the financial forecasts of the Group, including the modelling of 'severe but plausible' downside scenarios such as legislation changes impacting the Group's Online business, severe data privacy and cybersecurity breaches, one off penalty payments and timing of contingent consideration payments.

The Group maintains a strong balance sheet with net assets of £1,906.4m and adjusted net debt of £3,550.2m. On 31 July 2025 the Group announced the refinancing of the existing $1,100m, extending the maturity date to 31 July 2032 with the $2,218m term loan still maturing in 2029, which will further strengthen the Group's liquidity position.

Given the level of the Group's available cash with the current financing facilities and the forecast covenant headroom even under the sensitised downside scenarios, the Directors believe that the Group and the Company are well placed to manage the risks and uncertainties that it faces. As such, the Directors have a reasonable expectation that the Group and the Company will have adequate financial resources to continue in operational existence, for at least 12 months (being the going concern assessment period) from date of approval of the financial statements, and have, therefore, considered it appropriate to adopt the going concern basis of preparation in the financial statements.

 

Notes

(1) 2025 statutory results are unaudited, with the tables presented relating to continuing operations and including both statutory and non-statutory measures

(2) Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2025 exchange rates

(3) Net Gaming Revenue ("NGR") is defined as Net Revenue before charging for VAT and Sales Taxes. A full reconciliation of this non-GAAP measure is provided within the Income Statement

(4) Contribution represents gross profit less marketing costs and is a key performance metric used by the Group, particularly in Online

(5) Underlying EBITDA is earnings before interest, tax, depreciation and amortisation, share-based payments and share of JV income. Underlying EBITDA is stated pre separately disclosed items

(6) Stated pre separately disclosed items

(7) Adjusted net debt excludes the DPA settlement. Leverage also excludes any benefit from BetMGM EBITDA or the payments due to acquire the minority interests in Entain CEE

 

Principal and emerging risks

The principal risks that are anticipated to face the Group in the second half of 2025, including the nature and potential impact of such risks, remain essentially unchanged from those reflected in the Group's Annual Report and Accounts for the financial year ended 31 December 2024, where we identified and described the following principal risks:

Technology platform resilience

The Group's operations are highly dependent on information systems and related technology all of which ultimately serve to underpin our products and customer offering. If we fail to maintain the resilience of our technology platforms, this could have a material impact on customer-facing products, the competitiveness of those products and the experience of our customers, resulting in adverse impacts on our brands, revenue and market share.

Data privacy and cyber security

Our customers trust us to be responsible custodians of their personal data and to provide a secure gaming experience, which needs to be available whenever customers want to use our services.

Data and game integrity protection are subject to stringent data protection laws and regulations around the world. A data or cyber security breach could impede our operations and impact our ability to serve customers, undermining trust in our business and brands. A data or cyber security breach could also expose us to regulatory action and litigation, significant financial penalties and/ or have a negative impact on our share price. Cybercrime is ever growing and evolving, and attacks remain likely.

Laws, regulations and compliance

It is important that the Group complies with all applicable laws and regulations in order to maintain its licence to operate a sustainable and compliant business. If we breach legal or regulatory requirements, licences, approvals or findings of suitability may be conditioned, suspended or revoked. The Group is subject to a wide range of complex laws and regulations in the jurisdictions in which it is licensed or has business operations. These laws and regulations are frequently subject to change. The regulatory landscape is also challenging due to uncertainty, volatility and, sometimes, conflicting requirements. This influences our ability to determine exact requirements in each market and makes it operationally challenging to keep pace with legislative or regulatory change.

The failure to obtain or retain a required licence or approval in any jurisdiction may decrease the geographic areas where we are permitted to operate and generate revenue, which may put us at a disadvantage relative to our competitors. Regulatory action may also result in authorities levying fines or other penalties against us. An enforcement investigation for breach of applicable law or regulation resulting in the loss of a licence in one jurisdiction could trigger the loss of a licence, or affect our eligibility for a licence, in other jurisdictions. In addition, our reputation may be damaged by any legal or regulatory investigation, irrespective of whether or not we are ultimately accused of, or are found to have committed, any violation.

Trading liability and pricing management

An extended run of customer friendly sports betting results may result in significant losses for the Group. In such circumstances, certain products offered to customers by the Group could have a magnifying impact on potential losses for our business. In addition, a significant pricing error could occur which is not captured by our sophisticated risk or liability management processes and systems, which may result in a significant financial impact for the Group.

Taxes

The taxation of betting and gaming is complex - the Group is subject to a wide range of taxes, duties and levies relevant to all the countries where we have operations or in which our customers are located.

New governments may regard the gaming industry as a target for special or super taxation, so there may be a risk of adverse changes in tax rates, laws, or administrative practice.

Tax authorities may have a different interpretation to the Group regarding the scope and scale of taxation. These factors mean the levels of taxation to which the Group is exposed may change in the future, and we may become liable for tax payments greater than the amounts in our filed tax returns.

Attracting and retaining key talent

The success of the Group depends upon attracting, developing, and retaining effective and impactful leaders who have the capabilities, skills and experience to drive the growth and performance of our business. We may face strong competition from other companies from both within and from outside our sector to recruit our best talent. There could be an adverse impact on our business and our ability to achieve our objectives if we lose the services of our key management personnel and cannot find suitable replacements in a timely manner.

Principal and emerging risks (continued)

Safer Betting and Gaming

Safer betting and gaming is a key part of operating in a sustainable way and ensuring a positive and entertaining experience for our customers. 

Failure to offer adequate tools and protections to our customers could result in customer harm, resulting in reputational damage, or regulatory censure in some jurisdictions.

Price and service of delivery from third-party suppliers

Certain key third parties supply services to our Group which are fundamental to our business and customer proposition. In the case of some of these suppliers, there may be limited alternative service provision available. Effective management of these critical relationships is therefore important to support the achievement of our business objectives. In particular, some of our core capabilities are supplied by large technology and software suppliers which, as a consequence of their size, hold dominant market positions. Equally, we are also provided with services by other smaller suppliers where the specialism of the services they offer means there are limited alternative suppliers who can provide those specialist services.

Key suppliers could become financially unstable, deny services or raise prices, which could impact our ability to operate, leading to a loss of revenue.  If a key supplier suffers business interruption, this may in turn impact our business.

If suppliers are purchased by our competitors, access to services may be restricted or denied, or we may decide to withdraw from certain markets if they become uneconomical.

 

Responsibility statement of the directors in respect of the half-yearly financial report

We confirm that to the best of our knowledge:

·     the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted for use in the UK;

·      the interim management report includes a fair review of the information required by:

DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

Rob Wood

Chief Financial Officer & Deputy Chief Executive Officer

12 August 2025

UNAUDITED FINANCIAL STATEMENTS

INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT

For the six months ended 30 June							2025				2024
	Notes		Underlying  items £m		Separately disclosed items (Note 4) £m		Total £m		Underlying  Items Restated1 £m	Separately disclosed items (Note 4) Restated1 £m	Total Restated1 £m
NGR			2,626.9		-		2,626.9		2,555.7	-	2,555.7
VAT/GST			(31.2)		-		(31.2)		(35.4)	-	(35.4)
Revenue			2,595.7		-		2,595.7		2,520.3	-	2,520.3
Cost of sales			(1,008.5)		-		(1,008.5)		(985.7)	-	(985.7)
Gross profit			1,587.2		-		1,587.2		1,534.6	-	1,534.6
Administrative costs			(1,183.6)		(320.3)		(1,503.9)		(1,189.4)	(224.5)	(1,413.9)
Contribution			1,280.5		-		1,280.5		1,194.2	-	1,194.2
Administrative costs excluding marketing			(876.9)		(320.3)		(1,197.2)		(849.0)	(224.5)	(1,073.5)
Group operating profit/(loss) before share of results from joint ventures and associates			403.6		(320.3)		83.3		345.2	(224.5)	120.7
Share of results from joint venture and associates			34.0		-		34.0		(57.3)	-	(57.3)
Group operating profit/(loss)			437.6		(320.3)		117.3		287.9	(224.5)	63.4
Finance expense	5		(132.1)		(2.1)		(134.2)		(136.8)	(10.3)	(147.1)
Finance income	5		8.5		-		8.5		7.0	-	7.0
(Losses)/gains arising from financial instruments	5		(265.3)		-		(265.3)		77.8	-	77.8
Gains arising from foreign exchange on debt instruments	5		177.7		-		177.7		12.6	-	12.6
Profit/(loss) before tax			226.4		(322.4)		(96.0)		248.5	(234.8)	13.7
Income tax (expense)/credit	6		(68.6)		47.7		(20.9)		(70.2)	50.9	(19.3)
Profit/(loss) for the period			157.8		(274.7)		(116.9)		178.3	(183.9)	(5.6)
Attributable to:
Equity holders of the parent			123.8		(222.1)		(98.3)		158.2	(160.1)	(1.9)
Non-controlling interests			34.0		(52.6)		(18.6)		20.1	(23.8)	(3.7)
Earnings per share on profit/(loss) for the period2
From profit/(loss) for the period2		8		31.6p			(15.4)p		12.4p		(0.3)p
Diluted earnings per share on profit/(loss) for the period2
From profit/(loss) for the period2		8		31.3p			(15.4)p		12.3p		(0.3)p
Memo:								2025			2024
				Underlying  items £m		Separately disclosed items £m		Total £m	Underlying  items £m	Separately disclosed items £m	Total £m
EBITDA				583.4		(179.2)		404.2	523.8	(53.0)	470.8
Share-based payments				(8.2)		-		(8.2)	(8.9)	-	(8.9)
Depreciation, amortisation and impairment				(171.6)		(141.1)		(312.7)	(169.7)	(171.5)	(341.2)
Share of results from joint ventures and associates				34.0		-		34.0	(57.3)	-	(57.3)
Group operating profit/(loss)				437.6		(320.3)		117.3	287.9	(224.5)	63.4

1.        See Note 2(f) for further details on the restatement.

2.      The calculation of underlying earnings per share has been adjusted for separately disclosed items, and for the removal of foreign exchange volatility arising on financial instruments as it provides a better understanding of the underlying performance of the Group. See Note 8 for further details.

 

The accompanying notes form part of these financial statements.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

		Six months ended  30 June 2025	Six months ended  30 June 2024 Restated1
		£m	£m
Loss for the period		(116.9)	(5.6)
Other comprehensive income:   Items that may be reclassified to profit or loss:
Currency differences on translation of foreign operations		64.7	(87.7)
Total items that will be reclassified to profit or loss		64.7	(87.7)
Items that will not be re-classified to profit or loss:
Changes in the fair value of equity instruments at fair value through other comprehensive income		-	0.7
Re-measurement of defined benefit pension scheme		0.3	(2.3)
Tax on re-measurement of defined benefit pension scheme		(0.1)	3.4
Total items that will not be reclassified to profit or loss		0.2	1.8
Other comprehensive expense for the period, net of tax		64.9	(85.9)
Total comprehensive expense for the period		(52.0)	(91.5)
Attributable to:
- equity holders of the parent		(47.1)	(74.8)
- non-controlling interests		(4.9)	(16.7)

1.        See Note 2(f) for further details on the restatement.

 

The accompanying notes form part of these financial statements.

 

INTERIM CONDENSED CONSOLIDATED BALANCE SHEET

 

		30 June 2025	31 December 2024	30 June  2024 Restated1
	Note	£m	£m	£m
Assets
Non-current assets
Goodwill		4,191.2	4,138.9	4,637.3
Intangible assets		3,391.7	3,519.4	3,737.3
Property, plant and equipment		587.9	573.8	530.8
Interest in associates and other investments		35.1	32.6	45.4
Trade and other receivables		29.3	27.1	31.2
Derivative financial instruments	14	-	19.1	-
Deferred tax assets		492.9	476.1	512.0
Retirement benefit assets		56.1	55.1	60.2
		8,784.2	8,842.1	9,554.2
Current assets
Trade and other receivables		631.1	563.8	512.1
Income and other taxes recoverable		88.7	78.9	85.3
Derivative financial instruments	14	-	67.3	19.8
Cash and cash equivalents		447.3	588.9	705.7
		1,167.1	1,298.9	1,322.9
Total assets		9,951.3	10,141.0	10,877.1
Liabilities
Current liabilities
Trade and other payables		(1,175.9)	(1,120.6)	(972.9)
Balances with customers		(180.5)	(196.6)	(201.3)
Lease liabilities		(74.1)	(77.2)	(65.0)
Interest bearing loans and borrowings		(24.7)	(25.3)	(26.6)
Corporate tax liabilities		(99.8)	(76.6)	(85.8)
Provisions	13	(75.0)	(34.8)	(21.4)
Derivative financial instruments	14	(158.8)	(8.5)	(78.3)
Deferred and contingent consideration and other financial liabilities	14	(165.6)	(215.1)	(169.7)
		(1,954.4)	(1,754.7)	(1,621.0)
Non-current liabilities
Trade and other payables		(196.0)	(286.4)	(346.5)
Interest bearing loans and borrowings		(3,415.8)	(3,605.9)	(3,627.0)
Lease liabilities		(241.2)	(247.3)	(209.3)
Deferred tax liabilities		(717.6)	(738.7)	(779.8)
Provisions	13	(3.6)	(2.9)	(14.4)
Derivative financial instruments	14	(28.4)	(11.1)	-
Deferred and contingent consideration and other financial liabilities	14	(1,487.9)	(1,474.6)	(1,625.9)
		(6,090.5)	(6,366.9)	(6,602.9)
Total liabilities		(8,044.9)	(8,121.6)	(8,223.9)
Net assets		1,906.4	2,019.4	2,653.2
Equity
Issued share capital		5.2	5.2	5.2
Share premium		1,796.7	1,796.7	1,796.7
Merger reserve		2,527.4	2,527.4	2,527.4
Translation reserve		36.0	(15.0)	75.7
Retained earnings		(2,918.6)	(2,768.6)	(2,259.3)
Equity shareholder's funds		1,446.7	1,545.7	2,145.7
Non-controlling interests		459.7	473.7	507.5
Total shareholders' equity		1,906.4	2,019.4	2,653.2

1.        See Note 2(f) for further details on the restatement.

 

The accompanying notes form part of these financial statements.

 

 

 

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Issued share capital	Share premium	Merger Reserve	Translation reserve1	Retained earnings Restated2	Equity shareholders Funds Restated2	Non-controlling interest	Total shareholders  equity Restated2
	£m	£m	£m	£m	£m	£m	£m	£m
At 1 January 2024	5.2	1,796.7	2,527.4	150.4	(2,211.7)	2,268.0	524.7	2,792.7
Loss for the period	-	-	-	-	(1.9)	(1.9)	(3.7)	(5.6)
Other comprehensive expense	-	-	-	(74.7)	1.8	(72.9)	(13.0)	(85.9)
Total comprehensive expense	-	-	-	(74.7)	(0.1)	(74.8)	(16.7)	(91.5)
Share-based payments charge	-	-	-	-	9.4	9.4	-	9.4
Equity dividends	-	-	-	-	(56.9)	(56.9)	(0.3)	(57.2)
Purchase of non-controlling interests	-	-	-	-	-	-	(0.2)	(0.2)
At 30 June 2024	5.2	1,796.7	2,527.4	75.7	(2,259.3)	2,145.7	507.5	2,653.2
At 1 January 2025	5.2	1,796.7	2,527.4	(15.0)	(2,768.6)	1,545.7	473.7	2,019.4
Loss for the period	-	-	-	-	(98.3)	(98.3)	(18.6)	(116.9)
Other comprehensive expense	-	-	-	51.0	0.2	51.2	13.7	64.9
Total comprehensive expense	-	-	-	51.0	(98.1)	(47.1)	(4.9)	(52.0)
Share-based payments charge	-	-	-	-	7.6	7.6	-	7.6
Equity dividends	-	-	-	-	(59.5)	(59.5)	(9.1)	(68.6)
At 30 June 2025	5.2	1,796.7	2,527.4	36.0	(2,918.6)	1,446.7	459.7	1,906.4

1.       The translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries with non-sterling functional currencies.

2.        See Note 2(f) for further details on the restatement.

 

The accompanying notes form part of these financial statements.

 

 

 

 

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

		Six months ended  30 June 2025	Six months ended  30 June 2024 Restated2
	Notes	£m	£m
Cash generated by operations	11	442.0	459.2
Income taxes paid		(42.1)	(48.2)
Net finance expense paid		(117.4)	(127.8)
Net cash generated from operating activities		282.5	283.2
Cash flows from investing activities:
Acquisitions1		-	(0.2)
Loans to third parties		(16.5)	-
Dividends received from associates		-	0.8
Purchase of intangible assets		(104.0)	(96.7)
Purchase of property, plant and equipment		(57.5)	(44.8)
Investment in joint venture		-	(19.8)
Net cash used in investing activities		(178.0)	(160.7)
Cash flows from financing activities:
Net proceeds from borrowings		(6.8)	594.6
Repayment of borrowings		(12.9)	(302.9)
Settlement of derivative financial instruments		(47.1)	51.0
Proceeds from settlement of other financial liabilities		17.8	-
Settlement of other financial liabilities		(101.6)	(62.0)
Payment of lease liabilities		(38.9)	(35.5)
Dividend paid to shareholders		(59.5)	(56.9)
Dividends paid to non-controlling interests		(9.1)	(0.3)
Net cash utilised from financing activities		(258.1)	188.0
Net (decrease)/increase in cash and cash equivalents		(153.6)	310.5
Effect of changes in foreign exchange rates		12.0	(5.4)
Cash and cash equivalents at beginning of the period		588.9	400.6
Cash and cash equivalents at end of the period		447.3	705.7

1.        Included within the prior year cash flows from acquisitions is £0.2m relating to the purchase of minority holdings.

2.        See Note 2(f) for further details on the restatement.

 

The accompanying notes form part of these financial statements.