Final Results

About this update from Entain Plc

[{"type":"text","content":"\n \n 6 March 2025 \n Entain plc \n (\"Entain\" or the \"Group\") \n   \n FY24 marked the Group's return to organic growth with results at top of guidance \n Continuing momentum sees business well placed for 2025 \n   \n Entain plc (LSE: ENT), the global sports betting and gaming group, today reports its results for the year ended \n31 December 2024 (\"FY24\"). \n   \n ·    Total Group Net Gaming Revenue (\"NGR\"), including 50% share of BetMGM, up +6 %, +9%cc 2 , +4 %cc 2 proforma 3 \n o  FY24 Online NGR (exc. US) up +9%, + 12 %cc 2 , + 6 % cc 2 proforma 3 with improving momentum through the year \n o  Q4 Online NGR (exc. US) up + 13 %cc 2 , stronger than expected, including benefit of operator friendly sports margins \n ·      Accelerating growth in \"must win\" markets: \n o  UK&I Online NGR returned to growth sooner than expected in Q3, and in Q4 grew +21%cc 2 in line with market \n o  Brazil NGR grew +41 %cc 2 YoY, rebuilding strongly from +9%cc 2 in Q1 to +65%cc 2 in Q4 \n o  In the US, BetMGM's accelerating momentum and strategic refinement underpins our confidence in delivering positive EBITDA 4 in 2025 and the pathway to $500m EBITDA 4 in the coming years \n ·    Margin expansion: Online EBITDA 4 margin of 25. 3 %, ahead of expectations, benefiting from stronger than anticipated growth and operational efficiencies \n ·    Group EBITDA 4 of £ 1,089m , in line with upgraded 5 guidance, +12%cc 2 YoY, +5%cc 2 proforma 3 \n ·     Outlook: Year to date trading and ongoing operational execution supports our expectation to grow FY25 Online NGR in line with underlying markets \n o  Entain remains comfortable with market expectations 6 for FY25 \n o  Pathway to generating over £0.5bn of annual adjusted 7 cash flow in the medium term \n   \n Stella David, Interim CEO of Entain, commented : \n \"2024 has been a year of transformation for Entain. I am delighted to see that our strategic and operational improvements are translating into strong performance; clear evidence that our strategy is delivering . I want to thank all my colleagues for their tremendous hard work and resilience. \n Entain has a high quality portfolio of iconic brands with podium positions in attractive markets. Our return to organic growth is the beginning of our rebuild journey; our momentum continues, and we have started the year strongly. I am incredibly proud of our achievements so far and look forward to our opportunities ahead.\" \n   \n FY24 Trading performance: \n \n \n \n \n \n \n \n Net Gaming Revenue (NGR) \n \n \n \n \n   \n \n \n H1 \n \n \n H2 \n \n \n FY \n \n \n \n \n   \n \n \n YoY \nRpt 13 \n \n \n YoY cc 2 \nProforma 3 \n \n \n YoY \nRpt 13 \n \n \n YoY cc 2 \nProforma 3 \n \n \n YoY \nRpt 1 \n \n \n YoY cc 2 \nProforma 3 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n UK & Ireland \n \n \n (6%) \n \n \n (6%) \n \n \n 7% \n \n \n 7% \n \n \n 0% \n \n \n 0% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n International \n \n \n 7 % \n \n \n 3 % \n \n \n 5 % \n \n \n 9 % \n \n \n 6 % \n \n \n 6 % \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n CEE 5 \n \n \n 126% \n \n \n 12 % \n \n \n 27 % \n \n \n 13% \n \n \n 62 % \n \n \n 12% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total Group (exc US) \n \n \n 6 % \n \n \n 0 % \n \n \n 7 % \n \n \n 9 % \n \n \n 7 % \n \n \n 4 % \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total Online \n \n \n 9% \n \n \n 1% \n \n \n 9 % \n \n \n 11 % \n \n \n 9% \n \n \n 6 % \n \n \n \n \n Total Retail \n \n \n 1% \n \n \n (4%) \n \n \n 3 % \n \n \n 3% \n \n \n 2 % \n \n \n flat \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Total Group inc \n50% of BetMGM \n \n \n 6% \n \n \n 0 % \n \n \n 7 % \n \n \n 8 % \n \n \n 6 % \n \n \n 4 % \n \n \n \n \n FY24 performance highlights \n ·      Total Group NGR, including 50% share of BetMGM 1 , up + 6%, +9 %cc 2 , and +4 %cc 2 on a proforma 3 basis \n o  Group NGR (exc. US) up + 7%, +9 %cc 2 , 4 %cc 2 proforma 3 \n o  Online NGR (exc. US) up +9%, + 12 %cc 2 , + 6 % cc 2 proforma 3 , with active customers up + 10 % proforma 3 \n o  Retail NGR (exc. US) up +2%, +3%cc 2 , flat YoY proforma 3 , with strong Q4 driving growth in H2 \n ·      UK & Ireland NGR flat cc 2 , reflects our accelerating recovery through the year with Q1 -7% to Q4 +13% \n o  UK&I Online +2 %cc 2 with H2 growth of +14%cc 2 evidencing our customer journey simplification and improving player experiences \n § Actives customers grew + 11 % YoY \n § Spend per head returned to growth in Q4 across both sports and gaming, for the first time since Q1-2021 \n o  UK&I Retail -1%cc 2 (+1%cc 2 LFL) with H2 up +2%cc 2 (+4% LFL) with the benefit from strong sports margins and the completion of our new Kascada cabinets rollout offsetting some softness in the Retail gaming market \n ·      International NGR up +10%cc 2 , + 6 %cc 2 on a proforma 3 basis \n o  Brazil delivered excellent revenue growth, with FY24 NGR up + 41 %cc 2 and actives +42% \n o  Australia NGR grew +1%cc 2 YoY, despite softness in the underlying market \n o  Italy +3%cc 2 (Online +2%cc 2 , Retail +4%cc 2 ) \n ·      Entain CEE 5 continued to perform well with NGR up +12%cc 2 proforma 3 , with SuperSport in Croatia performing particularly strongly at + 16 %cc 2 YoY \n ·      BetMGM delivered net revenue of $2.1 billion, up +7% YoY, with strengthened sports product and increased iGaming marketing investment driving acceleration in growth and player engagement metrics through the year \n o  Market share 8 stabilisation at 14%, with iGaming (22%) and Online Sports (8%) \n FY24 financial highlights \n ·    Group EBITDA 4 of £ 1,089m driven by proforma 3 EBITDA growth of +5%cc 2 and the annualisation of 2023 acquisitions \n o  Online EBITDA 4 £ 941m, +11 %, Retail EBITDA 4 £ 261m, -11% \n ·     Group loss after tax of £ 461m, reflecting separately disclosed items charge of £876m which include impairments following known regulatory changes and heightened competitor activity in certain smaller markets \n ·      Adjusted diluted EPS 9 of 29.9p, (46.9p exc. US) \n ·     Second interim dividend of c£60m (9.3p per share) proposed, bringing the total dividend for the year to £119m ( 18.6p per share) \n ·      Robust balance sheet with adjusted 10 net debt of £3, 339m and available cash of over £1bn at 31 December 2024 \n ·      Project Romer efficiency programme on track with upgraded annual net savings target of £100m in 2026 \n \nFY24 summary: 1 January to 31 December 2024 \n \n \n \n \n Total Group (ex US) \n \n \n Reported 1 \n \n \n \n \n   \n \n \n 2024 \n \n \n 2023 \n \n \n Change \n \n \n CC 2 \n \n \n \n \n Year ended 31 December \n \n \n £m \n \n \n £m \n \n \n % \n \n \n % \n \n \n \n \n Net gaming revenue (NGR) \n \n \n 5,161.9 \n \n \n 4,833.1 \n \n \n 7% \n \n \n 9% \n \n \n \n \n Revenue \n \n \n 5,089.2 \n \n \n 4,769.6 \n \n \n 7% \n \n \n 9% \n \n \n \n \n Gross profit \n \n \n 3,118.1 \n \n \n 2,907.0 \n \n \n 7% \n \n \n \n \n \n \n \n Underlying EBITDA 4 \n \n \n 1,088.8 \n \n \n 1,007.9 \n \n \n 8% \n \n \n \n \n \n \n \n Underlying operating profit 11 \n \n \n 616.6 \n \n \n 641.8 \n \n \n (4%) \n \n \n \n \n \n \n \n Underlying (loss)/profit before tax 11 \n \n \n 518.4 \n \n \n 444.9 \n \n \n 16% \n \n \n \n \n \n \n \n Profit after tax pre separately disclosed items \n \n \n 379.5 \n \n \n 339.1 \n \n \n \n \n \n \n \n \n \n \n Loss after tax \n \n \n (461.0) \n \n \n (878.7) \n \n \n \n \n \n \n \n \n \n \n Basic EPS (p) \n \n \n (70.8) \n \n \n (141.4) \n \n \n \n \n \n \n \n \n \n \n Continuing adjusted diluted EPS 9 (p) \n \n \n 29.9 \n \n \n 44.2 \n \n \n \n \n \n \n \n \n \n \n Continuing adjusted diluted EPS excl US 9 (p) \n \n \n 46.9 \n \n \n 51.0 \n \n \n \n \n \n \n \n \n \n \n Dividend per share (p) \n \n \n 18.6 \n \n \n 17.8 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n Q4 2024 Trading performance: \n \n \n \n \n Q4 2024: 1 October to 31 December 2024 \n \n \n \n \n   \n \n \n Total \n NGR \n \n \n   \n \n \n Gaming \n NGR \n \n \n Sports \n NGR \n \n \n Sports \n Wagers \n \n \n Sports \n Margin \n \n \n   \n \n \n \n \n \n \n \n Reported 13 \n \n \n CC 2 \n \n \n   \n \n \n Proforma CC 2,3 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n UK & Ireland \n \n \n +13% \n \n \n +13% \n \n \n   \n \n \n +6% \n \n \n +24% \n \n \n +2 % \n \n \n +3.3pp \n \n \n   \n \n \n \n \n    Online UK&I \n \n \n +21% \n \n \n +21% \n \n \n \n \n \n +13% \n \n \n +45% \n \n \n +5% \n \n \n +3.5pp \n \n \n   \n \n \n \n \n    Retail UK&I \n \n \n +5% \n \n \n +6% \n \n \n \n \n \n (4%) \n \n \n +16% \n \n \n (1%) \n \n \n +3.2pp \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n International \n \n \n +4% \n \n \n +10% \n \n \n   \n \n \n +3% \n \n \n +14% \n \n \n +5% \n \n \n +1.2pp \n \n \n   \n \n \n \n \n    Online Int'l \n \n \n +3% \n \n \n +9% \n \n \n \n \n \n +3% \n \n \n +14% \n \n \n +6% \n \n \n +1.0pp \n \n \n   \n \n \n \n \n    Retail Int'l \n \n \n +8% \n \n \n +12% \n \n \n \n \n \n +2% \n \n \n +14% \n \n \n (1%) \n \n \n +2.3pp \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n CEE \n \n \n +12% \n \n \n +14% \n \n \n   \n \n \n (3%) \n \n \n +22% \n \n \n +1% \n \n \n +4.6pp \n \n \n   \n \n \n \n \n    Online CEE \n \n \n +11% \n \n \n +14% \n \n \n \n \n \n (2%) \n \n \n +22% \n \n \n +1% \n \n \n +4.4pp \n \n \n   \n \n \n \n \n    Retail CEE \n \n \n +13% \n \n \n +16% \n \n \n \n \n \n (11%) \n \n \n +21% \n \n \n +1% \n \n \n +5.4pp \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Group (ex US) \n \n \n +8% \n \n \n +11% \n \n \n   \n \n \n +4% \n \n \n +18% \n \n \n +4% \n \n \n +2.0pp \n \n \n   \n \n \n \n \n    Online \n \n \n +9% \n \n \n +13% \n \n \n \n \n \n +6% \n \n \n +20% \n \n \n +5% \n \n \n +1.7pp \n \n \n   \n \n \n \n \n    Retail \n \n \n +6% \n \n \n +8% \n \n \n \n \n \n (4%) \n \n \n +15% \n \n \n (1%) \n \n \n +3.0pp \n \n \n   \n \n \n \n \n BetMGM \n \n \n (5%) \n \n \n +0% \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Total Group inc. \n 50% of BetMGM \n \n \n +6% \n \n \n +9% \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n Capital Allocation Committee \n The Capital Allocation Committee remains committed to delivering shareholder value, continuing to monitor the Group's strategic progress alongside its significant capital commitments. \n Dividend \n In line with the Group's progressive dividend policy, the Board has proposed a total dividend for 2024 of c£119m, (18.6p per share), paid to shareholders in equal instalments with H1 and FY results. As such a second interim dividend of c£60m (9.3p per share), is expected to be paid on 25 April 2025 to shareholders on register on 14 March 2025. \n Current trading \n The Group has started the year strongly, with the momentum seen during 2024 continuing into 2025. Trading year to date reflects the benefit from operator friendly sports margins, and volumes in line with our expectations. In the US, BetMGM's accelerating performance has also continued into 2025 including record SuperBowl results. \n Guidance \n Entain has now passed through the most significant operational impacts of previous regulatory changes which created performance headwinds. As such, we expect mid-single-digit percent growth in Online NGR in 2025, in line with our weighted average for underlying markets. \n Entain remains comfortable with market expectations 6 for FY2025. 2025 Online EBITDA margin is expected to be c25%, broadly flat year on year, with our increasing scale and operational efficiencies offsetting the impact of Brazil now operating in the newly regulated and locally taxed market from 1 January 2025. \n Continued operational and strategic progress underpin our confidence in Entain's pathway to generating over £0.5bn of annual adjusted 7 cash flow in the medium term. \n As previously announced 12 , BetMGM expects FY25 to deliver revenue of $2.4-$2.5 billion and positive EBITDA. \n   \n Notes \n (1)        2024 reported numbers are audited and relate to continuing operations \n (2)        Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2024 exchange rates \n (3)        Proforma references include all 2023 acquisitions as if they had been part of the Group since 1 January 2023 \n (4)        EBITDA is defined as earnings before interest, tax, depreciation and amortisation, share based payments and share of JV income. EBITDA is stated pre-separately disclosed items \n (5)        As detailed in the 2024 Q3 Trading Update published on 17 October 2024 \n (6)        Consensus EBITDA FY25 £1,109m as confirmed in 11 February 2025 statement \n (7)        Annual adjusted cash flow excludes working capital, dividends, acquisitions and associated financing \n (8)        Consolidated Gross Gaming Revenue (GGR) market share consists of last three months ending October, November, or December 2024 as latest reported for U.S. sports betting markets where BetMGM was active (online and retail), last three months ending December 2024 for U.S. iGaming markets where BetMGM was active, and last three months ending December 2024 for the Ontario market. Internal estimates used where operator-specific results are unavailable \n (9)        Adjusted for the impact of separately disclosed items, foreign exchange movements on financial indebtedness and losses/gains on derivative financial instruments (see note 9 in the interim financial statements) \n (10)     Adjusted net debt excludes the DPA settlement. Leverage also excludes any benefit from future BetMGM EBITDA or the payments due to acquire the minority interests in Entain CEE \n (11)     Stated pre separately disclosed items \n (12)     As detailed in the 2024 BetMGM FY Update published on 4 February 2025 \n (13)     These results are unaudited \n   \n \n \n \n \n Enquiries \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n \n \n Investor Relations - Entain plc \n \n \n [email protected] \n \n \n \n \n   \n \n \n   \n \n \n \n \n Media - Entain plc \n \n \n [email protected] \n \n \n \n \n   \n \n \n   \n \n \n \n \n Sodali & Co \n Rob Greening/Russ Lynch/Sam Austrums \n \n \n Tel: +44 (0) 20 7250 1446 \n [email protected] \n \n \n \n \n \nPresentation and webcast \n Entain will host our Full Year 2024 Results presentation and Q&A session today, Thursday 6 th March at 9:30am GMT, at Bank of America, 2 King Edward Street, City of London, London, EC1A 1HQ. \n Analysts and investors are welcome to attend in person, having pre-registered via the in-person registration link . Alternatively please join the webcast approximately 15 minutes ahead of the event: online webcast link . \n The presentation slides as well as a replay and transcript will be available on our website : \n https://entaingroup.com/investor-relations/results-centre/ \n   \n   \n \n \n \n \n Upcoming dates: \n \n \n   \n \n \n \n \n Annual General Meeting \n \n \n 23 April 2025 \n \n \n \n \n Q1-25 Trading Update: \n \n \n 29 April 2025 \n \n \n \n \n 2025 Interim results: \n \n \n 12 August 2025 \n \n \n \n \n Dividend Timetable \n \n \n   \n \n \n \n \n Announcement date: \n \n \n 6 March 2025 \n \n \n \n \n Ex-Dividend date: \n \n \n 13 March 2025 \n \n \n \n \n Record date: \n \n \n 14 March 2025 \n \n \n \n \n Payment date: \n \n \n 25 April 2025 \n \n \n \n \n Forward-looking statements \n 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. \n About Entain plc \n 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, SuperSport and TAB NZ; Gaming brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino. 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. \n 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. \n 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 . \n LEI: 213800GNI3K45LQR8L28 \n \nCHIEF EXECUTIVE OFFICER'S REVIEW \n Entain is a leading player in sports betting and gaming, a global industry with attractive dynamics and structural growth. We are proud to be the most diversified leader of scale in our sector, operating over 35 iconic brands across more than 30 regulated or regulating markets. Our footprint of podium positions in attractive growth markets underpins the sustainable quality of our earnings. Entain is focused on providing our customers great player experiences with engaging products and content, underpinned by leading player protection. \n To deliver value for our shareholders, we have a clear strategy to drive organic revenue growth, margin expansion and market share gains. \n Having stepped in as Entain's Interim CEO in December 2023 , I had the privilege of leading the Group through the first eight months of 2024. We have been laser focused on executing our strategic objectives and driving operational momentum to return the Group to structural growth. To achieve this, we needed to confront challenges head on, improve our ways of working, deliver on our product and technology roadmap, and prioritise execution in our must-win markets of the UK, Brazil and the US. We made significant progress on these fronts in 2024, establishing a solid foundation for sustainable growth, which continues into 2025. \n In September 2024, Gavin Isaacs joined as CEO and the Board and I would like to thank him for his contribution during his tenure. He stepped down in February 2025 and I am pleased to return to the CEO role on an interim basis to continue driving the Group's strategy forward. Our objectives remain clear and aligned with our mission to create value for all shareholders. \n I am very proud of the progress Entain achieved in 2024. Our return to growth for both organic NGR and EBITDA 1 is clear evidence that our operational transformation is succeeding. However, there is plenty of hard work still to do, delivering the brilliant basics that drive customer acquisition and retention , and enhance player experiences . Our rebuilding momentum continues and sees Entain well positioned for 2025. I am both confident and excited for the many opportunities ahead. \n 2024 performance \n 2024 was a year of inflection for Entain. The Group's performance improved as the year progressed and clearly illustrates the turnaround of the underlying business. We ended 2024 at the top of our guidance range, which we had upgraded twice during the year, reflecting the business' momentum and trading performance. \n Total Group NGR including our 50% share of BetMGM was up +6% reported 1 , +9%cc 2 and +4%cc 2 on a proforma 3 basis. Excluding BetMGM, Group NGR was up +9%cc 2 and +4%cc 2 proforma 3 . The Group's Online and Retail operations delivered year on year growth in NGR of +12%cc 2 and +3%cc 2 respectively, +6%cc 2 and flat cc 2 on a proforma 3 basis. \n \n \n \n \n FY2024 Online Net Gaming Revenue YoY \n \n \n   \n \n \n FY2024 Retail Net Gaming Revenue YoY \n \n \n \n \n \n \n \n CC 2 \n \n \n Proforma 3 CC 2 \n \n \n \n \n \n \n \n \n CC 2 \n \n \n Proforma 3 CC 2 \n \n \n \n \n Group Online inc. 50% BetMGM \n \n \n 11% \n \n \n 6% \n \n \n \n \n \n Total Retail \n \n \n 3% \n \n \n flat \n \n \n \n \n Online ex. 50% BetMGM \n \n \n 12% \n \n \n 6% \n \n \n \n \n \n UK&I / LFL \n \n \n (1%)/1% \n \n \n - \n \n \n \n \n UK&I \n \n \n 2% \n \n \n - \n \n \n \n \n \n International \n \n \n 7% \n \n \n 1% \n \n \n \n \n International \n \n \n - \n \n \n 7% \n \n \n \n \n \n        Italy \n \n \n 4% \n \n \n - \n \n \n \n \n        Australia \n \n \n 1% \n \n \n - \n \n \n \n \n \n        Belgium \n \n \n (6%) \n \n \n - \n \n \n \n \n        Italy \n \n \n 2% \n \n \n - \n \n \n \n \n \n Entain CEE \n \n \n - \n \n \n 9% \n \n \n \n \n        Brazil \n \n \n 41% \n \n \n - \n \n \n \n \n \n        Croatia \n \n \n 5% \n \n \n - \n \n \n \n \n        New Zealand \n \n \n - \n \n \n 4% \n \n \n \n \n \n        Poland \n \n \n - \n \n \n 12% \n \n \n \n \n        Georgia \n \n \n 13% \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n        Netherlands \n \n \n - \n \n \n (13%) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n        Germany \n \n \n 0% \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n        Other \n \n \n 8% \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Entain CEE \n \n \n - \n \n \n 13% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n        Croatia \n \n \n 19% \n \n \n -       \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n        Poland \n \n \n - \n \n \n 8% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n The Group's improving underlying organic growth as well as the benefit from stronger than expected sports win margins, particularly in the Euros tournament and the Premier League in Q4, delivered Group EBITDA 1 of £1,089m, up +12%cc 2 year on year, including proforma 3 EBITDA growth of +5%cc 2 . \n Entain's acceleration in performance, from Group NGR growth of flat cc 2 in H1 4  and +9%cc 2 in H2 4 on a proforma 3 basis evidences the progress achieved, giving us increasing confidence in 2025 and further ahead. \n Although Entain has passed through the most significant operational impacts of previous regulatory changes , our global industry and its regulatory environment continues to evolve. Brazil's newly 5 regulated sports betting and gaming regime and the Betting and Gaming Council's (BGC) new industry code 6 were notable positive changes, whilst Belgium and the Netherlands face further regulatory tightening. The potential liberalisation of iGaming in Poland, as well as both online casino and the introduction of the legislative \"net\" in New Zealand also continues to be positive. However, recognising the impact from adverse regulatory changes, as well as heightened competitor activity in certain smaller markets, an impairment charge was recorded in 2024.   \n Separately in 2024, the Australian Transaction Reports and Analysis Centre (AUSTRAC) commenced civil penalty proceedings against the Group's subsidiary in Australia. Entain co-operated fully with AUSTRAC throughout its investigation, and we are hopeful of making progress towards a resolution with AUSTRAC through 2025. \n Organic revenue growth \n Critical to driving organic growth is player acquisition and retention, and our customers are central to our mindset as we continue to deliver our brilliant basics, enhance our offering, reinvigorate our acquisition channels, and improve our customer journeys and experiences end-to-end. \n The UK and Brazil were highlighted as two of our \"must win\" markets, due to their significance within our Group portfolio and potential future growth opportunity. I am very proud that our teams' hard work has delivered successful 2024 results, with both these markets performing ahead of expectations. \n UK & Ireland \n Returning to growth in Entain's largest market was a cornerstone of the Group's overall performance and strategic success. The performance of our UK&I business in H1, with NGR down -6%cc 2 year on year, reflected the impact that our previous approach to regulatory implementation had on our customers' experience and engagement, particularly in Online. \n The turnaround of our UK&I Online growth was critical to the Group's performance during 2024 and demonstrates the success of our decisive actions. UK&I Online NGR was up +2 %cc 2 versus the prior year, and importantly returned to year on year growth sooner than anticipated. Q4 delivered NGR growth of +21%, recovering from down -8% in H1, and growing back in line with the market. \n Addressing the complexity and friction of our customer journey's without compromising our player protection was an important component of our performance recovery. As evidenced during H1, the stabilisation in spend per head has now moved into growth on a year on year basis, across both sports and gaming in Q4. \n Alongside our smoother customer journeys, we also delivered numerous initiatives to improve our UK offering and player experience across both sports and gaming. Our brands have continued to engage players with leading gaming content including an unrivalled library of in-house and exclusive games. As well as Foxy's engaging marketing campaigns, we are delighted with how our players are enjoying LadBucks and Coral Coins, our new coin economy loyalty programme and a differentiator to peers. Our Sportsbook enhancements prioritised key elements of players' experiences: UX, design and app speed. Our new in-house Bet Builder sports product launched in H2, aligned with the start of the Premier League football season, and further enhancements are expected during the year ahead. \n The UK&I is an omni-channel market which brings many opportunities, particularly following our organisational restructuring which combined the management of UK&I Online and Retail. We are pleased with the performance of our UK&I retail estate as it digests some gaming market softness, as well as ongoing inflationary and cost challenges. UK&I Retail delivered +1%cc 2 LFL NGR growth versus 2023, underpinned by our digital in-shop experiences, strong sports win margins and next-generation Kascada cabinets which rolled out fully in H2. \n International \n Brazil is the fastest growing market outside of the US and it introduced a regulated sports betting and gaming regime from 1 January 2025. Having seen our business lose direction during 2022, 2024's excellent performance is testament to the decisive actions and hard work undertaken in overhauling our go-to market approach. Led by local management, initiatives included refreshing our brand, realigning customer acquisition channels, integrating smooth payment processing, as well as refining our product to embrace local favourites across both our gaming portfolio and sports offering. \n The green shoots of returning growth emerged in early 2024 and accelerated strongly through the year. Our Brazil business delivered Online NGR growth of +41%cc 2 for the year, accelerating from +28%cc 2 in H1 4 to +57% cc 2 in H2 4 . \n The newly regulated sports betting and gaming regime brings significant changes to the Brazilian market for 2025. We believe we are well positioned in this attractive, albeit highly competitive, market. We are pleased with our performance so far in 2025, successfully launching on day one of the newly regulated regime as well as partnering as the main sponsor of Palmeiras football club, which is already generating excellent player engagement. \n Australia, the largest Online market in our International division, performed well during 2024 despite the underlying market experiencing some expected softness. Having achieved H1 4 NGR that was flat versus the prior year, including some benefit from strong sports margins, our Ladbrokes and Neds brands continue to differentiate themselves in this highly competitive market. NGR growth improved to +2%cc 2 in H2 4 , delivering NGR up +1%cc 2 for the year. We continue to focus on improving the quality of our player base with unique product and experiences, as well as expanding our offer to include additional overseas races , which resonate with our Australian customers. \n Leveraging the strength of our Australia platform, our partnership with TAB NZ in New Zealand is making progress. The business was successfully migrated onto Entain Australia's technology during Q2 and Entain launched our new complementary online-only sister brand \"betcha\" in August. On a proforma basis, Online NGR was up +4%cc 2 and we are encouraged by accelerating momentum through the year, with actives growing 10% in 2024. More customers in New Zealand are enjoying an enhanced and engaging sports betting experience, and we look forward to this growing opportunity following the introduction of the legislative \"net\" for racing and sports betting expected in 2025, as well as the improving outlook for online casino regulation in the future. \n Our business in Italy continues to operate in a competitive and consolidating market. Our 2024 performance of +3%cc 2 NGR growth, Online (+2%cc 2 ) and Retail (+4%cc 2 ), reflects both customer-friendly sports margins as well as the challenging competitive environment as peer operators maximise their consolidation-led growth strategies. The growth in the underlying Italian market remains strong and omni-channel operators continue to outperform as brand recognition and point-of-sale touchpoints remain particularly critical to driving online customer acquisition and engagement. Our Eurobet brand continues to leverage its omnichannel position, offering customers new sports markets and exclusive gaming products. Entain's multi-brand approach secures our top-tier position in this highly attractive market and we are well placed to benefit from the implementation of the revised online licensing expected during 2025. \n Entain CEE \n We continue to be pleased with our Entain CEE performance with NGR up +12%cc 2 YoY on a proforma basis, delivering +13%cc 2 and +9%cc 2 NGR growth for Online and Retail respectively. \n In Croatia, SuperSport remains a market leader across both Online and Retail and continues to be a standout performer. Online NGR grew +19%cc 2 YoY whilst Retail NGR was up +5%cc 2 , as players enjoy our strong brand and engaging product offering. In Poland, STS delivered proforma NGR growth of +8%cc 2 during 2024, with wagering up +12%cc, first time depositors (FTDs) +28% and actives +10% versus the prior year, and maintained our market leadership despite facing heightened competitive intensity ahead of the potential liberalisation of iGaming in the medium-term horizon. \n \nMargin expansion \n Supporting the Group's strategic growth transformation is our focus on aligning structures and simplifying our operating model, particularly across our product and technology footprint . Ensuring our business has strong foundations enables us to be more agile and execute more effectively to capitalise on growth opportunities. Our efficiency programme, Project Romer, is unlocking operational efficiencies as well as savings. Having completed the initial phase of initiatives , we saw potential for even greater efficiencies and increased our target of delivering net cost savings from £70m to at least £100m in 2026. As well as delivering efficiency savings, these initiatives also free up capital to reinvest back into product and player experience, supporting further growth, building scale and operational leverage to expand our EBITDA margin. \n In 2024 we expanded our Online EBITDA margin to 25.3%, ahead of expectation of 24-25% due to scale benefits from stronger than anticipated revenue performance, particularly in our UK business. In 2025, Online EBITDA margins is expected to remain broadly flat year on year reflecting our increasing scale and operating efficiencies offsetting the impact of Brazil's new regulatory tax structure, and we remain confident of driving margin expansion in future years. \n Empowering US growth \n Expanding our market share is one of the Group's strategic goals, with stabilisation of BetMGM's share in the US an important part of our growth transformation. \n BetMGM continues to be a leading operator in the world's largest gaming market, operating in 29 markets including 2024 launches in North Carolina and district wide in Washington D.C. \n 2024 was a year of investment and rebuilding of momentum for BetMGM. We strengthened the business by improving our product offering, enhancing player engagement, refining our customer acquisition and retention strategies, and unlocking unique omnichannel opportunities. Our improved offering and strategic refinement saw BetMGM stabilise market share, and exit the year with encouraging key metrics including Q4 EBITDA 1 trending towards breakeven on a normalised basis 7 . \n Our leading iGaming business continues to grow strongly and deliver attractive returns. We increased our investment behind our brand and unique offering with the widest range of market leading games content, which drove an acceleration in 2024 NGR growth from +13% in Q1 to +25% 7 in Q4. BetMGM's omnichannel advantage is a key differentiator with proprietary titles and record-breaking jackpots driving strong engagement. The strong momentum in our iGaming business and increasing potential for legalisation in new states, gives us ever-increasing confidence in BetMGM's profitable growth trajectory. \n BetMGM made meaningful progress in Online Sports during 2024, seeing a stabilisation in our market share. In addition to numerous upgrades across our product offering, providing customers a smoother, faster, richer experience, the integration of Angstrom, Entain's US-sports focused pricing and data analytics capability, was critical to improving our parlay betting offering to include the broadest number of markets and unique pricing combinations. These improvements were notable during the NFL season, driving a year on year handle increase of +26% in Q3 and +38% in Q4. \n Coupled with our increased investment in customer acquisition, during 2024 we progressively refined our strategy to amplify our premium brand, iGaming heritage and unique omnichannel advantages with tailored promotions and enhanced real-life experiences resonating well with customers and enhancing efficiency. \n Further amplifying our unique omni-channel strengths, expanding our nationwide, single, digital wallet into Nevada, becoming the first sports betting app in the state to offer bettors a seamless experience when travelling to other regulated states . This remains a key differentiator given MGM Resorts' Las Vegas presence and the fact that BetMGM is the only podium operator with a mobile license in the state. The 2024/25 NFL season saw 61% growth in Nevada-acquired first-time depositors and doubled the percentage of those who continued to play with us after returning to their home state. \n With BetMGM's renewed acceleration across both iGaming and Online Sports, we expect to achieve positive EBITDA in 2025, and our scaled podium position in the world's largest gaming market underpins our confidence in our pathway to $500 million EBITDA in the coming years . \n \nGroup strategy and priorities \n Since becoming Entain in 2020, the Group has been transforming to become a stronger, leaner, and more sustainable business, only operating in regulated or regulating markets. \n To deliver value to all our shareholders, Entain has clear strategic goals: \n ·    Organic revenue growth - acquiring and retaining customers by ensuring a smooth, relevant and engaging experience for players \n ·     Margin expansion - simplifying our operating model to be more agile and effective, driving greater returns through efficient use of capital \n ·      Market share gains - outperforming our markets over the long term \n We have made strong progress in the operational phase of our transformation, and the evidence of what we have achieved so far demonstrates that our strategy is working - rebuilding our growth momentum and returning our business to its winning ways. Following the successes in our \"must win\" markets, UK, Brazil and US, our execution focus has evolved, broadening across our footprint of podium positions in attractive markets to deliver further high quality growth and share gains. \n The Group has made an excellent start, but there is still a lot of hard work to do to return Entain to its winning ways and deliver value for all our shareholders. \n 2024 sustainability highlights: \n At Entain, sustainability is integral to our growth strategy and long-term success. Our Sustainability Charter is built on four core pillars that address the priorities of our customers, employees and stakeholders: \n ·      Lead on player protection - Ensuring player safety remains at the heart of our commitment to delivering the best customer experience. We continuously enhance our approach to align with market developments and customer needs. \n ·      Provide a secure and trusted platform - It is critical that we uphold the highest ethical standards to maintain the trust of our customers and wider society. 100% of our revenue is derived from regulated or regulating markets. In 2024, we introduced an AI and Data Ethics Charter and launched 'Leading with integrity', new ethics training for managerial roles \n ·      Create an environment for everyone to do their best work - In order to attract a broad and diverse pool of talent, we strive to be an employer of choice with a dynamic and supportive culture. In 2024, we revamped our objective programme, Your Goals, and developed our first global Employer Value Proposition. Our efforts to promote wellbeing and inclusion were recognised by the 2024 All-In-Diversity Project Index \n ·      Positively impact our communities - In 2024 we voluntarily contributed £21.9m to safer gambling initiatives and other good causes. To support our reset GHG emissions reduction targets, we have partnered with Normative, a science-based carbon accounting platform, to drive emissions reduction through data-driven insights. Through initiatives such as our Pitching In investment programme, we continue to support grassroots sport, funding non-league football and promoting engagement between local clubs and their communities via the Trident Community Fund \n Sustainability Recognitions in 2024 include: \n ·      Tier 1 in the CCLA Corporate Mental Health Benchmark UK 100 \n ·      Ranked Second in the 2024 All-In-Diversity Project Index \n ·     Awarded highest safer gambling certification in the UK by independent charity focussed on preventing gambling harm \n ·      Recognised among the Top 20 UK Best Companies to Work For - LinkedIn 2024 \n ·      Achieved AAA rating from MSCI, and retained inclusion in FTSE4Good and Dow Jones Sustainability Indices \n ·      SBC Global Socially Responsible Operator of the Year awarded to the Entain US Foundation \n   \n Our ongoing sustainability efforts reflect our commitment to responsible growth, ethical leadership, and positive societal impact. \n \nNotes \n (1)    EBITDA is defined as earnings before interest, tax, depreciation and amortisation, share based payments and share of JV income. EBITDA is stated pre-separately disclosed items \n (2)      Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2024 exchange rates \n (3)      Proforma references include all 2023 acquisitions as if they had been part of the Group since 1 January 2023 \n (4)      These results are unaudited \n (5)      Brazil's regulated sports betting and gaming regime launched on 1 January 2025 \n (6)      BGC announced new voluntary industry code on customer checks on 1 May 2024 \n (7)      Adjusted figures normalise for Q4 2023 BetMGM rewards points adjustments across both Online Sports and iGaming, and December 2024 theoretical margin in Sports \n   \n Financial Results and the use of non-GAAP measures \n 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 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. \n During the current year, the Group has amended its operating segments in line with the revisions to the Group's reporting to the executive management team (\"CODM\"). The Group's operating segments are aggregated into four reportable segments; UK&I, International, CEE and Corporate, with a New Opportunities segment also present in 2023. \n CHIEF FINANCIAL OFFICER'S REVIEW \n FINANCIAL PERFORMANCE REVIEW \n Group \n \n \n \n \n \n \n \n Reported results 1 \n \n \n \n \n Y ear ended 31 December \n \n \n 2024 \n \n \n 2023 \n \n \n Change \n \n \n CC 2 \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n % \n \n \n % \n \n \n \n \n NGR \n \n \n 5,161.9 \n \n \n 4,833.1 \n \n \n 7 % \n \n \n 9 % \n \n \n \n \n VAT/GST \n \n \n ( 72.7 ) \n \n \n (63.5) \n \n \n ( 14 %) \n \n \n ( 18 %) \n \n \n \n \n Revenue \n \n \n 5,089.2 \n \n \n 4,769 .6 \n \n \n 7 % \n \n \n 9 % \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Gross profit \n \n \n 3,118. 1 \n \n \n 2,907.0 \n \n \n 7 % \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Contribution 4 \n \n \n 2 ,480.5 \n \n \n 2 ,279.4 \n \n \n 9 % \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating costs \n \n \n ( 1,391.7 ) \n \n \n ( 1,271.5 ) \n \n \n ( 9 %) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying EBITDA 5 \n \n \n 1,088 .8 \n \n \n 1,007.9 \n \n \n 8 % \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share based payments \n \n \n ( 13.3 ) \n \n \n ( 21.7 ) \n \n \n 39 % \n \n \n \n \n \n \n \n Underlying depreciation and amortisation \n \n \n ( 344 .7) \n \n \n ( 301.5 ) \n \n \n ( 14 %) \n \n \n \n \n \n \n \n Share of JV loss \n \n \n ( 114.2 ) \n \n \n ( 42.9 ) \n \n \n ( 166 %) \n \n \n \n \n \n \n \n Underlying operating profit 7 \n \n \n 616.6 \n \n \n 641.8 \n \n \n ( 4 %) \n \n \n \n \n \n \n \n Reported Results 1 : \n NGR and Revenue increased by +7% (both +9%cc 2 ) versus the prior year, with the benefit of annualisation of 2023 acquisitions, strong underlying performance in several of our key markets and the return to growth in the UK. Proforma 3 NGR was +4%cc 2 year on year with Online +6%cc 2 and Retail in line. \n Contribution 4 in the year of £2,480.5m was +9% higher than 2023. Contribution 4 margin was +0.9pp higher than 2023, reflecting the benefit of geographic mix on the blended margin and a focus on marketing efficiencies. \n Operating costs were 9% higher due to annualisation of the 2023 acquisitions and increased colleague bonus costs. Resulting underlying EBITDA 5 of £1,088.8m was +8% higher than 2023. \n Share based payment charges were £8.4m lower than 2023, while underlying depreciation and amortisation was 14% higher, reflecting the impact of prior year acquisitions and continued investment in product. Share of JV losses of £114.2m includes an operating loss of £109.4m relating to BetMGM (2023: £42.0m). \n Group underlying operating profit 7 of £616.6m was - 4 % lower than 2023. After separately disclosed items of £866.7m (2023: £1,286.5m), the Group made an operating loss of £250.1m (2023: loss of £644.7m). \n   \n UK & Ireland \n \n \n \n \n \n \n \n UK & Ireland Total \n \n \n UK & Ireland Online \n \n \n UK & Ireland Retail \n \n \n \n \n Year ended 31 December \n \n \n FY \n \n \n FY \n \n \n Change \n \n \n \n \n \n FY \n \n \n FY \n \n \n Change \n \n \n \n \n \n FY \n \n \n FY \n \n \n Change \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n % \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n % \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n % \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n \n \n \n \n \n Sports wagers \n \n \n 4,920.4 \n \n \n 5,176.2 \n \n \n (5%) \n \n \n \n \n \n 2,276.2 \n \n \n 2,480.0 \n \n \n (8%) \n \n \n \n \n \n 2,644.2 \n \n \n 2,696.2 \n \n \n ( 2 %) \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Sports margin \n \n \n 17.0% \n \n \n 15.7% \n \n \n 1.3pp \n \n \n \n \n \n 13.5% \n \n \n 12.0% \n \n \n 1.5pp \n \n \n \n \n \n 20.0% \n \n \n 19.2% \n \n \n 0.8pp \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Sports NGR \n \n \n 796.5 \n \n \n 775.2 \n \n \n 3% \n \n \n \n \n \n 262.3 \n \n \n 248.4 \n \n \n 6% \n \n \n \n \n \n 534.2 \n \n \n 526.8 \n \n \n 1% \n \n \n \n \n Gaming NGR \n \n \n 1,256.9 \n \n \n 1,272.5 \n \n \n (1%) \n \n \n \n \n \n 722.3 \n \n \n 715.9 \n \n \n 1% \n \n \n \n \n \n 534.6 \n \n \n 556.6 \n \n \n (4%) \n \n \n \n \n B2B N GR \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Total NGR \n \n \n 2,053.4 \n \n \n 2,047.7 \n \n \n 0% \n \n \n \n \n \n 984.6 \n \n \n 964.3 \n \n \n 2% \n \n \n \n \n \n 1,068.8 \n \n \n 1,083.4 \n \n \n (1%) \n \n \n \n \n EU VAT/GST \n \n \n (4.3) \n \n \n (4.0) \n \n \n (8%) \n \n \n \n \n \n (4.3) \n \n \n (4.0) \n \n \n (8%) \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Revenue \n \n \n 2,049.1 \n \n \n 2,043.7 \n \n \n 0% \n \n \n \n \n \n 980.3 \n \n \n 960.3 \n \n \n 2% \n \n \n \n \n \n 1,068.8 \n \n \n 1,083.4 \n \n \n (1%) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Gross profit \n \n \n 1,395.8 \n \n \n 1,385.7 \n \n \n 1% \n \n \n \n \n \n 625.8 \n \n \n 601 .5 \n \n \n 4% \n \n \n \n \n \n 770.0 \n \n \n 784.2 \n \n \n (2%) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Contribution 4 \n \n \n 1,169.4 \n \n \n 1,176.4 \n \n \n (1%) \n \n \n \n \n \n 401.5 \n \n \n 394.6 \n \n \n 2% \n \n \n \n \n \n 767.9 \n \n \n 781.8 \n \n \n (2%) \n \n \n \n \n Contribution 4 margin \n \n \n 56.9% \n \n \n 57.4% \n \n \n (0.5pp) \n \n \n   \n \n \n 40.8% \n \n \n 40 . 9% \n \n \n (0.1pp) \n \n \n \n \n \n 7 1.8% \n \n \n 72.2% \n \n \n (0.4pp) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating costs \n \n \n ( 732.1 ) \n \n \n ( 706.1 ) \n \n \n (4%) \n \n \n \n \n \n ( 175.4 ) \n \n \n ( 158.2 ) \n \n \n ( 11 %) \n \n \n \n \n \n ( 556.7 ) \n \n \n ( 547.9 ) \n \n \n (2%) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying EBITDA 5 \n \n \n 437.3 \n \n \n 470.3 \n \n \n ( 7 %) \n \n \n \n \n \n 226.1 \n \n \n 236.4 \n \n \n ( 4 %) \n \n \n \n \n \n 211.2 \n \n \n 233.9 \n \n \n ( 10 %) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share based payments \n \n \n ( 5.9 ) \n \n \n ( 7.8 ) \n \n \n 24 % \n \n \n \n \n \n ( 4.1 ) \n \n \n ( 5.4 ) \n \n \n 24 % \n \n \n \n \n \n (1. 8 ) \n \n \n ( 2.4 ) \n \n \n 25 % \n \n \n \n \n Underlying depreciation and amortisation \n \n \n ( 145.8 ) \n \n \n ( 138.0 ) \n \n \n ( 6 %) \n \n \n \n \n \n ( 54.4 ) \n \n \n ( 44.6 ) \n \n \n ( 22 %) \n \n \n \n \n \n ( 91.4 ) \n \n \n ( 93.4 ) \n \n \n 2% \n \n \n \n \n Share of JV (loss)/income \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying operating profit 7 \n \n \n 285.6 \n \n \n 324.5 \n \n \n ( 12 %) \n \n \n \n \n \n 167.6 \n \n \n 186.4 \n \n \n ( 10 %) \n \n \n \n \n \n 118 .0 \n \n \n 138.1 \n \n \n ( 15 %) \n \n \n \n \n Reported Results 1 : \n NGR in the first half was down -6%, reflecting the impact that our previous approach to regulatory implementations had on our customers' experience and engagement. Following our focused effort to simplify customer journeys, NGR in H2 6 grew +7%. \n In Online, NGR was +2% year on year with both sports +6% and gaming +1% ahead. Following a decline of -8% in the first half, NGR in H2 6 was +14%cc 2 higher than in 2023. Actives were ahead year on year by +11% and spend per head showed growth in both sports and gaming during Q4 6 . \n In Retail, NGR was -1%cc 2 YoY (LFL +1%), with sports +2%cc 2 and gaming -4%cc 2 . Whilst NGR was behind year on year, H2 6 NGR was +2%cc 2 YoY (+4% LFL) following the full roll out of new Kascada cabinets in Q3. \n Gross profit of £1,395.8m was £10.1m ahead of 2023 with margin of 68%, marginally ahead of 2023. Marketing spend was £17.1m higher than 2023, resulting in contribution 4 of £1,169.4m, down £7.0m versus 2023. \n Operating costs were -4% higher than 2023, reflecting higher colleague bonus costs, offset by cost control savings and the impact of shop closures in Retail. Resulting EBITDA 5 of £437.3m was £33.0m lower than 2023 (H1 6 down £43m, H2 6 up £10m). After charging depreciation and share based payments, operating profit 7 was £285.6m. Increased depreciation charges reflected investment in our product offerings across both channels. \n As a result of continuing soft footfall across our Retail estate in Republic of Ireland, an impairment charge of £8.7m has been recognised. \n After separately disclosed items of £3.8m (2023: £14.3m), the operating profit was £281.8m (2023: £310.2m). \n \n International \n \n \n \n \n \n \n \n International Total \n \n \n \n \n \n International Online \n \n \n \n \n \n International Retail \n \n \n   \n \n \n \n \n Year ended 31 December \n \n \n FY \n \n \n FY \n \n \n Change \n \n \n \n \n \n FY \n \n \n FY \n \n \n Change \n \n \n \n \n \n FY \n \n \n FY \n \n \n Change \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n % \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n % \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n % \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n \n \n \n \n \n Sports wagers \n \n \n 12,382.3 \n \n \n 12,004.7 \n \n \n 3% \n \n \n \n \n \n 10,791.0 \n \n \n 10,503.5 \n \n \n 3% \n \n \n \n \n \n 1,591.3 \n \n \n 1,501.2 \n \n \n 6 % \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Sports margin \n \n \n 14.5% \n \n \n 14.3% \n \n \n 0.2pp \n \n \n \n \n \n 14.1% \n \n \n 13.8% \n \n \n 0.3pp \n \n \n \n \n \n 17.6% \n \n \n 18.0% \n \n \n (0.4pp) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Sports NGR \n \n \n 1,519.2 \n \n \n 1,407.7 \n \n \n 8% \n \n \n \n \n \n 1,237.0 \n \n \n 1,137.3 \n \n \n 9% \n \n \n \n \n \n 282.2 \n \n \n 270.4 \n \n \n 4% \n \n \n \n \n Gaming NGR \n \n \n 1,040.6 \n \n \n 1,025.5 \n \n \n 1% \n \n \n \n \n \n 1,013.2 \n \n \n 999.5 \n \n \n 1% \n \n \n \n \n \n 27.4 \n \n \n 26.0 \n \n \n 5% \n \n \n \n \n B2B N GR \n \n \n 80.6 \n \n \n 57.9 \n \n \n 39% \n \n \n \n \n \n 80.6 \n \n \n 57.9 \n \n \n 39% \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Total NGR \n \n \n 2,640.4 \n \n \n 2,491.1 \n \n \n 6% \n \n \n \n \n \n 2,330.8 \n \n \n 2,194.7 \n \n \n 6% \n \n \n \n \n \n 309.6 \n \n \n 296.4 \n \n \n 4% \n \n \n \n \n EU VAT/GST \n \n \n (68.4) \n \n \n (59.5) \n \n \n (15%) \n \n \n \n \n \n (63.0) \n \n \n (55.9) \n \n \n (13%) \n \n \n \n \n \n (5.4) \n \n \n (3.6) \n \n \n (50%) \n \n \n \n \n Revenue \n \n \n 2,572.0 \n \n \n 2,431.6 \n \n \n 6% \n \n \n \n \n \n 2,267.8 \n \n \n 2,138.8 \n \n \n 6% \n \n \n \n \n \n 304.2 \n \n \n 292.8 \n \n \n 4% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Gross profit \n \n \n 1,443.4 \n \n \n 1,340.7 \n \n \n 8% \n \n \n \n \n \n 1,321.5 \n \n \n 1,218.2 \n \n \n 8% \n \n \n \n \n \n 121.9 \n \n \n 122.5 \n \n \n 0% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Contribution 4 \n \n \n 1,062.0 \n \n \n 942.9 \n \n \n 13% \n \n \n \n \n \n 950.9 \n \n \n 827.8 \n \n \n 15% \n \n \n \n \n \n 111.1 \n \n \n 115.1 \n \n \n (3%) \n \n \n \n \n Contribution 4 margin \n \n \n 40.2% \n \n \n 37.9% \n \n \n 2.3pp \n \n \n   \n \n \n 40.8% \n \n \n 37.7 % \n \n \n 3.1pp \n \n \n \n \n \n 35.9% \n \n \n 38.8% \n \n \n (2.9pp) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating costs \n \n \n ( 468.0 ) \n \n \n ( 395 .9) \n \n \n ( 18 %) \n \n \n \n \n \n ( 397 .2) \n \n \n ( 331.3 ) \n \n \n ( 20 %) \n \n \n \n \n \n ( 70.8 ) \n \n \n ( 64.6 ) \n \n \n ( 10 %) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying EBITDA 5 \n \n \n 594.0 \n \n \n 547.0 \n \n \n 9 % \n \n \n \n \n \n 553 .7 \n \n \n 496.5 \n \n \n 12 % \n \n \n \n \n \n 40 .3 \n \n \n 50.5 \n \n \n (20%) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share based payments \n \n \n ( 3.9 ) \n \n \n ( 6.0 ) \n \n \n 35 % \n \n \n \n \n \n ( 3.9 ) \n \n \n ( 6.0 ) \n \n \n 35 % \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Underlying depreciation and amortisation \n \n \n ( 180.0 ) \n \n \n ( 152.2 ) \n \n \n ( 18 %) \n \n \n \n \n \n ( 143.4 ) \n \n \n ( 116.4 ) \n \n \n ( 23 %) \n \n \n \n \n \n ( 36.6 ) \n \n \n ( 35.8 ) \n \n \n ( 2 %) \n \n \n \n \n Share of JV (loss)/income \n \n \n ( 3. 1) \n \n \n ( 1.5 ) \n \n \n ( 107 %) \n \n \n \n \n \n ( 3.1 ) \n \n \n ( 1.5 ) \n \n \n ( 107 %) \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying operating profit 7 \n \n \n 407.0 \n \n \n 387.3 \n \n \n 5 % \n \n \n \n \n \n 403.3 \n \n \n 372.6 \n \n \n 8 % \n \n \n \n \n \n 3. 7 \n \n \n 14.7 \n \n \n ( 75 %) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Reported Results 1 : \n International NGR for 2024 was +6%, +10%cc 2 , or +6%cc 2 proforma 3 higher than 2023 with strong underlying performance in all of our key markets and growth in both sports NGR, +6%cc 2 proforma 3 , and gaming NGR, +5%cc 2 proforma 3 . International Online NGR grew +6%, +10%cc 2 (proforma 3 +7%cc 2 ) and Retail grew +4%, +7%cc 2 (+1%cc 2 proforma 3 ). \n In Brazil, NGR was up +41%cc 2 year on year, with actives growing in line with NGR, reflecting our end-to-end reinvigorated go-to-market approach. We successfully transitioned into a regulated regime from 1 January 2025 and remain confident that SportingBet is well placed for growth in this highly competitive market. \n Online NGR in Australia was +1%cc 2 ahead of 2023, returning to growth in H2 6 , +2%cc 2 , despite the softer market conditions and last year's introduction of BetStop, the National Self-Exclusion Register. Our year on year performance demonstrates that our differentiated brands and engaging products continue to resonate with customers. \n Italy NGR was +3%cc 2 ahead of 2023, Online +2%cc 2 and Retail +4%cc 2 . Online market share lowered over 2024, although H2 6 showed signs of stabilisation. Retail market share remained flat and continues to rank well on profitability per shop with approximately 15% share of revenue from 11% of retail units. \n Despite the tougher macro-economic environment in New Zealand, NGR was +1%cc 2 ahead of 2023 on a proforma 3 basis. Online was up +4%cc 2 , with H2 6 +7%cc 2 following the successful migration to the Australian platform and the launch of new sister brand, betcha. Retail down -9%cc 2 . \n Baltics and Nordics Online NGR was +9%cc 2 year on year with inflationary pressures in the region starting to ease and our content leadership strategy landing well. \n In Germany, our business has stabilised with NGR in line year on year and +2%cc 2 in H2 6 . \n Proforma 3 NGR in the Netherlands was down -13%cc 2 versus 2023 following further regulatory tightening in the year. \n Georgia NGR was +13%cc 2 ahead of 2023 mainly driven by gaming products, with Crystalbet maintaining its market leading position. \n Gross profit for our International segment was +8% ahead of 2023 given the NGR growth and favourable geographic mix. Marketing spend was slightly lower versus prior year despite increased NGR, seeing contribution 4 margin increase by +2.3pp and delivering contribution 4 of £1,062.0m. \n Operating costs were 18% higher year on year as a result of inflation, higher colleague bonus costs and the annualisation of 2023 acquisitions. Resulting EBITDA 5 of £594.0m was £47.0m ahead of 2023, and after deducting depreciation and share based payments, operating profit 7 was £407.0m, £19.7m ahead. The increase in depreciation has largely been driven by the annualisation of 2023 acquisitions and the New Zealand partnership. \n As a result of the tougher macro-economic environment in New Zealand and the delay in the introduction of the legislative net, an impairment of £142.5m has been recognised against TAB New Zealand. Additionally, regulation changes have impacted the Netherlands and Belgium, resulting in impairments being recorded on BetCity (£113.1m) and Belgium (£76.3m) assets.  In relation to these, there has also been a release of BetCity and TAB New Zealand contingent consideration totalling c£80m. \n After separately disclosed items of £524.0m (2023: £435.5m), the operating loss was £117.0m (2023: £48.2m). \n CEE (Croatia and Poland) \n \n \n \n \n \n \n \n CEE Total \n \n \n \n \n \n CEE Online \n \n \n \n \n \n CEE Retail \n \n \n \n \n Year ended 31 December \n \n \n FY \n \n \n FY \n \n \n Change \n \n \n \n \n \n FY \n \n \n FY \n \n \n Change \n \n \n \n \n \n FY \n \n \n FY \n \n \n Change \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n % \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n % \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n % \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n \n \n \n \n \n Sports wagers \n \n \n 1,582.7 \n \n \n 896.8 \n \n \n 76% \n \n \n \n \n \n 1,325.4 \n \n \n 737.8 \n \n \n 80% \n \n \n \n \n \n 257.3 \n \n \n 159.0 \n \n \n 62 % \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Sports margin \n \n \n 22.8% \n \n \n 18.7% \n \n \n 4.1pp \n \n \n \n \n \n 22.1% \n \n \n 17.7% \n \n \n 4.4pp \n \n \n \n \n \n 26.4% \n \n \n 23.5% \n \n \n 2.9pp \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Sports NGR \n \n \n 361.5 \n \n \n 187.8 \n \n \n 92% \n \n \n \n \n \n 288.9 \n \n \n 145.1 \n \n \n 99% \n \n \n \n \n \n 72.6 \n \n \n 42.7 \n \n \n 70% \n \n \n \n \n Gaming NGR \n \n \n 126.5 \n \n \n 113.3 \n \n \n 12% \n \n \n \n \n \n 116.0 \n \n \n 102.6 \n \n \n 13% \n \n \n \n \n \n 10.5 \n \n \n 10.7 \n \n \n (2%) \n \n \n \n \n B2B N GR \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Total NGR \n \n \n 488.0 \n \n \n 301.1 \n \n \n 62% \n \n \n \n \n \n 404.9 \n \n \n 247.7 \n \n \n 63% \n \n \n \n \n \n 83.1 \n \n \n 53.4 \n \n \n 56% \n \n \n \n \n EU VAT/GST \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Revenue \n \n \n 488.0 \n \n \n 301.1 \n \n \n 62% \n \n \n \n \n \n 404.9 \n \n \n 247.7 \n \n \n 63% \n \n \n \n \n \n 83.1 \n \n \n 53.4 \n \n \n 56% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Gross profit \n \n \n 278.9 \n \n \n 180.6 \n \n \n 54% \n \n \n \n \n \n 226.7 \n \n \n 146.9 \n \n \n 54% \n \n \n \n \n \n 52.2 \n \n \n 33.7 \n \n \n 55% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Contribution 4 \n \n \n 249.1 \n \n \n 167.2 \n \n \n 49% \n \n \n \n \n \n 199.5 \n \n \n 134.5 \n \n \n 48% \n \n \n \n \n \n 49.6 \n \n \n 32.7 \n \n \n 52% \n \n \n \n \n Contribution 4 margin \n \n \n 51.0% \n \n \n 55.5% \n \n \n (4.5pp) \n \n \n   \n \n \n 49.3% \n \n \n 54.3% \n \n \n (5.0pp) \n \n \n \n \n \n 59.7% \n \n \n 61.2% \n \n \n (1.5pp) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating costs \n \n \n (78.2) \n \n \n (45.6) \n \n \n (71%) \n \n \n \n \n \n (38.3) \n \n \n (21.0) \n \n \n (82%) \n \n \n \n \n \n (39.9 ) \n \n \n (24.6) \n \n \n (62%) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying EBITDA 5 \n \n \n 170.9 \n \n \n 121.6 \n \n \n 41% \n \n \n \n \n \n 161.2 \n \n \n 113.5 \n \n \n 42% \n \n \n \n \n \n 9.7 \n \n \n 8.1 \n \n \n 20% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share based payments \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Underlying depreciation and amortisation \n \n \n (18.0) \n \n \n (7.8) \n \n \n (131%) \n \n \n \n \n \n (10.3 ) \n \n \n (1.9) \n \n \n (442%) \n \n \n \n \n \n (7.7) \n \n \n (5.9) \n \n \n (31%) \n \n \n \n \n Share of JV (loss)/income \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying operating profit 7 \n \n \n 152.9 \n \n \n 113.8 \n \n \n 34% \n \n \n \n \n \n 150.9 \n \n \n 111.6 \n \n \n 35% \n \n \n \n \n \n 2.0 \n \n \n 2.2 \n \n \n (9%) \n \n \n \n \n Reported Results 1 : \n CEE NGR for 2024 was +62% (+65%cc 2 ) ahead of the prior year, reflecting the acquisition of STS in Poland during H2 6 2023. On a proforma 3 basis, CEE NGR was +12%cc 2 ahead of the prior year. \n NGR in Croatia was +16%cc 2 ahead of 2023 with our SuperSport brand continuing to perform well and maintaining the leading position in the market. Online NGR was +19%cc 2 ahead with Retail +5%cc 2 . \n Proforma 3 NGR in Poland was +8%cc 2 ahead of 2023 with Online +8%cc 2 and Retail +12%cc 2 . Despite the increasingly competitive landscape in Poland, we have maintained market leadership and growth in the year. \n Gross profit of £278.9m was +54% ahead of 2023. Whilst gross profit margin of 57.2% was -2.8pp behind 2023, this reflects the impact of the acquired Polish business on the blended CEE segment rather than an underlying reduction in margin. Marketing spend of £29.8m was £16.4m higher than 2023 reflecting both the impact of the acquisition of STS in Poland and additional spend in both markets to support the underlying growth in NGR. Resulting contribution 4 of £249.1m was +49% ahead of 2023, at a margin of 51.0%. \n Operating costs were £32.6m higher than 2023 as a result of costs associated with the acquired STS business and inflation. Resulting EBITDA 5 of £170.9m was £49.3m ahead of the prior year, up +41% or up +8% on a proforma 3 basis. After charging depreciation of £18.0m, operating profit 7 was £152.9m, £39.1m ahead of 2023. The increase in depreciation is due to the impact of the acquired Polish business. \n The current competitor landscape in Poland has led to an impairment of £75.9m being recognised in relation to STS. \n After separately disclosed items of £243.9m (2023: £111.2m), the operating loss was £91.0m (2023: profit of £2.6m). \n N ew Opportunities   \n \n \n \n \n \n \n \n Reported results 1   \n \n \n \n \n Year ended 31 December   \n \n \n 2024   \n \n \n 2023  \n \n \n Change  \n \n \n \n \n \n \n \n \n \n \n £m   \n \n \n £m  \n \n \n %  \n \n \n \n \n \n \n \n Underlying EBITDA 5   \n \n \n -  \n \n \n ( 18.2 )  \n \n \n 100% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share based payments  \n \n \n -  \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n Underlying depreciation and amortisation  \n \n \n -  \n \n \n ( 2.7 )  \n \n \n 100% \n \n \n \n \n \n \n \n Share of JV loss  \n \n \n -    \n \n \n - \n \n \n -    \n \n \n \n \n \n \n \n Underlying operating loss 7   \n \n \n -  \n \n \n ( 20.9 ) \n \n \n 100% \n \n \n \n \n \n \n \n Reported Results 1 : \n Costs in 2023 reflect those incurred in the Group's former Unikrn business which has now been closed as a customer facing operation. After separately disclosed items of £36.3m, the operating loss for 2023 was £57.2m. \n Corporate \n \n \n \n \n \n \n \n Reported results 1 \n \n \n \n \n Year ended 31 December   \n \n \n 2024 \n \n \n 2023 \n \n \n Change \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n % \n \n \n \n \n \n \n \n Underlying EBITDA 5 \n \n \n ( 113.4 ) \n \n \n ( 112.8 ) \n \n \n ( 1 %) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share based payments \n \n \n (3. 5 ) \n \n \n ( 7.9 ) \n \n \n 56 % \n \n \n \n \n \n \n \n Underlying depreciation and amortisation \n \n \n (0. 9 ) \n \n \n (0. 8 ) \n \n \n ( 13 %) \n \n \n \n \n \n \n \n Share of JV l oss \n \n \n ( 111.1 ) \n \n \n ( 41.4 ) \n \n \n ( 168 %) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying operating loss 7 \n \n \n ( 2 28.9) \n \n \n ( 162.9 ) \n \n \n ( 41 %) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Reported Results 1 : \n Corporate underlying costs 5 of £113.4m were broadly in line with last year. \n After share based payments, depreciation and amortisation and share of JV losses, Corporate underlying operating loss 7 was £ 2 28.9m, an increase of £ 66.0m versus the prior year. This was driven by a £67.4m increase in the share of loss in the US JV, BetMGM. After separately disclosed items of £95.0m (2023: £689.2m), the operating loss of £323.9m (2023: £852.1m) was £528.2m lower than in 2023. \n   \n Notes \n (1)      2024 reported results are audited and relate to continuing operations \n (2)      Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2024 exchange rates \n (3)      Proforma references include all 2023 acquisitions as if they had been part of the Group since 1 January 2023 \n (4)      Contribution represents gross profit less marketing costs and is a key performance metric used by the Group \n (5)      EBITDA is defined as earnings before interest, tax, depreciation and amortisation, share based payments and share of JV income. EBITDA is stated pre separately disclosed items \n (6)      These results are unaudited \n (7)      Stated pre separately disclosed items \n STATUTORY PERFORMANCE REVIEW \n \n \n \n \n \n \n \n Results 1 \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n Change \n \n \n CC 2 \n \n \n \n \n Year ended 31 December \n \n \n £m \n \n \n £m \n \n \n % \n \n \n % \n \n \n \n \n NGR \n \n \n 5,161.9 \n \n \n 4,833.1 \n \n \n 7% \n \n \n 9% \n \n \n \n \n Revenue \n \n \n 5,089.2 \n \n \n 4,769.6 \n \n \n 7% \n \n \n 9% \n \n \n \n \n Gross profit \n \n \n 3,118.1 \n \n \n 2,907.0 \n \n \n 7% \n \n \n \n \n \n \n \n Contribution 3 \n \n \n 2,480.5 \n \n \n 2,279.4 \n \n \n 9% \n \n \n \n \n \n \n \n Underlying EBITDA 4 \n \n \n 1,088.8 \n \n \n 1,007.9 \n \n \n 8% \n \n \n \n \n \n \n \n Share based payments \n \n \n (13.3) \n \n \n (21.7) \n \n \n 39% \n \n \n \n \n \n \n \n Underlying depreciation and amortisation \n \n \n (344.7) \n \n \n (301.5) \n \n \n (14%) \n \n \n \n \n \n \n \n Share of JV and associates loss \n \n \n (114.2) \n \n \n (42.9) \n \n \n       (166%) \n \n \n \n \n \n \n \n Underlying operating profit 5 \n \n \n 616.6 \n \n \n 641.8 \n \n \n (4%) \n \n \n \n \n \n \n \n Net underlying finance costs 5 \n \n \n (264.2) \n \n \n (229.4) \n \n \n \n \n \n \n \n \n \n \n Net foreign exchange/financial instruments \n \n \n 166.0 \n \n \n 32.5 \n \n \n \n \n \n \n \n \n \n \n Profit before tax pre separately disclosed items \n \n \n 518.4 \n \n \n 444.9 \n \n \n \n \n \n \n \n \n \n \n Separately disclosed items: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Amortisation of acquired intangibles \n \n \n (286.8) \n \n \n (254.6) \n \n \n \n \n \n \n \n \n \n \n Recognition of HMRC settlement liability \n \n \n (3.9) \n \n \n (585.0) \n \n \n \n \n \n \n \n \n \n \n Other \n \n \n (585.1) \n \n \n (447.9) \n \n \n \n \n \n \n \n \n \n \n Loss before tax \n \n \n (357.4) \n \n \n (842.6) \n \n \n \n \n \n \n \n \n \n \n Tax \n \n \n (103.6) \n \n \n (36.1) \n \n \n \n \n \n \n \n \n \n \n Loss after tax from continuing activities \n \n \n (461.0) \n \n \n (878.7) \n \n \n \n \n \n \n \n \n \n \n Discontinued operations \n \n \n - \n \n \n (57.8) \n \n \n \n \n \n \n \n \n \n \n Loss after tax \n \n \n (461.0) \n \n \n (936.5) \n \n \n \n \n \n \n \n \n \n \n NGR and Revenue \n Group NGR and revenue were + 7 % ahead of last year and +9% ahead on a constant currency basis 2 , with Online NGR +9% and Retail NGR +2% year on year. Further details are provided in the Financial Performance Review section. \n Operating profit/(loss) \n Group operating loss for the year was £250.1m, £394.6m lower than in 2023. \n The Group reported underlying operating profit 5 of £616.6m, -4% lower than 2023 (2023: 641.8m) largely due to increased joint venture losses. Underlying EBITDA 5 was +8% ahead, largely in line with the revenue increase. Depreciation and amortisation was 14% higher than 2023 driven by continued investment in product and technology. The Group's share of BetMGM losses in the year were £ 109.4m, £67.4m higher than 2023 as the business invested in product and marketing to rebuild momentum and strengthen the business for the future. Analysis of the Group's performance for the year is detailed in the Financial Performance Review section. \n Financing costs \n Finance costs recorded by the group for 2024 were £273.3m (2023: £230.4m). \n Underlying finance costs of £264.2m excluding separately disclosed items of £9.1m (2023: £1.0m) were £34.8m higher than 2023 primarily driven by interest on the increase in Group debt. \n Net gains on financial instruments, driven primarily by a foreign exchange gain on re-translation of debt related items and the settlement of a number of currency swaps, were £166.0m in the year (2023: £32.5m). This gain is offset by a foreign exchange loss on the translation of assets in overseas subsidiaries which is recognised in reserves and forms part of the Group's commercial hedging strategy. \n Separately disclosed items \n Items separately disclosed before tax for the year amount to £875.8m (2023: £1,287.5m) and relate to £286.8m of amortisation on acquired intangibles (2023: £254.6m), restructuring program costs, including Project Romer, of £49.6m (2023: £49.7m) and legal and onerous contract costs of £6.7m (2023: £17.6m) primarily relating to the costs associated with our commitments to the DPA and associated shareholder litigation. \n The Group has also recorded an impairment charge of £476.4m during the current year (2023: £289.0m) with impairment recognised against the Group's Tab New Zealand business of £142.5m, the BetCity business of £113.1m, STS of £75.9m, Belgium of £76.3m and an impairment of the Group's Republic of Ireland retail portfolio of £8.7m. Further details are provided in Note 11. There has also been a write down of £18.5m of certain New Zealand assets following the platform migration and a number of smaller impairments against other assets that the Group no longer intends to use including shop closures. \n In addition, £43.3m has been recorded on movements in fair value of contingent consideration (2023: £71.8m), relating to discount unwind and reassessment of contingent consideration and put option values primarily relating to Tab NZ and SuperSport acquisitions and the release of the BetCity contingent consideration. \n In the year the Group also recorded £3.9m of discount unwind relating to the DPA liability (2023: £585.0m charge for the initial recognition of the liability) and a £9.1m non-cash financing cost following the H1 refinancing (2023: £1.0m). \n In the prior year the Group incurred corporate transaction costs of £17.8m. \n \n \n \n \n Separately disclosed items \n \n \n \n \n \n \n \n \n \n \n 2024 \n £m \n \n \n 2023 \n £m \n \n \n \n \n Legal settlement \n \n \n (3.9) \n \n \n (585.0) \n \n \n \n \n Amortisation of acquired intangibles \n \n \n (286.8) \n \n \n (254.6) \n \n \n \n \n Impairment \n \n \n (476.4) \n \n \n (289.0) \n \n \n \n \n Corporate transaction costs \n \n \n - \n \n \n (17.8) \n \n \n \n \n Restructuring costs \n \n \n (49.6) \n \n \n (49.7) \n \n \n \n \n Legal and onerous contract costs \n \n \n (6.7) \n \n \n (17.6) \n \n \n \n \n Movement in fair value of contingent consideration \n \n \n (43.3) \n \n \n (71.8) \n \n \n \n \n Other including financing \n \n \n (9.1) \n \n \n (2.0) \n \n \n \n \n Total \n \n \n (875.8) \n \n \n (1,287.5) \n \n \n \n \n Profit/(loss) before tax \n The Group's loss before tax of £357.4m is £485.2m lower than 2023 primarily as a result of the reduction of one-off costs included in separately disclosed items. \n Group profit before tax 5 and separately disclosed items was £518.4m (2023: £444.9m), an increase compared to the prior year of £73.5m with growth in underlying EBITDA 4 more than offset by an increase in BetMGM losses and depreciation and amortisation and interest. After charging separately disclosed items, the Group recorded a pre-tax loss from continuing operations of £357.4m (2023: £842.6m), with the separately disclosed costs discussed above having a significant impact on the reported results. \n Taxation \n The tax charge on continuing operations for the year was £103.6m (2023: £36.1m), reflecting an underlying effective tax rate pre-BetMGM losses and foreign exchange gains on external debt of 25.1% (2023: 23.0%), after a tax credit on separately disclosed items of £35.3m (2023: £69.7m). The increase year on year of £67.5m is the result of growth in underlying profit before tax pre-BetMGM losses, increases in domestic tax rates, the introduction of minimum tax regimes, and the one-off separately disclosed Gibraltar marketing deduction \n Discontinued operations \n During the prior year, the Group recorded a £57.8m loss in discontinued operations relating to its former Intertrader business which was disposed of in November 2021. The loss recorded primarily reflects legal costs associated with historic matters. \n Cashflow \n \n \n \n \n Year ended 31 December \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n \n \n Cash generated by operations \n \n \n 976.2 \n \n \n 810.0 \n \n \n \n \n Corporation tax \n \n \n (142.0) \n \n \n (137.3) \n \n \n \n \n Interest \n \n \n (254.9) \n \n \n (224.6) \n \n \n \n \n Net cash generated from operating activities \n \n \n 579.3 \n \n \n 448.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flows from investing activities: \n \n \n \n \n \n \n \n \n \n \n Acquisitions & disposals \n \n \n - \n \n \n (1,315.4) \n \n \n \n \n Cash acquired/disposed \n \n \n - \n \n \n 87.9 \n \n \n \n \n Dividends received from associates \n \n \n 1.4 \n \n \n 9.6 \n \n \n \n \n Net capital expenditure \n \n \n (298.1) \n \n \n (259.9) \n \n \n \n \n Investment in Joint ventures \n \n \n (19.8) \n \n \n (40.7) \n \n \n \n \n Purchase of Investments \n \n \n - \n \n \n (3.1) \n \n \n \n \n Net cash used in investing activities \n \n \n (316.5) \n \n \n (1,521.6) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flows from financing activities: \n \n \n \n \n \n \n \n \n \n \n Equity issue \n \n \n - \n \n \n 589.8 \n \n \n \n \n Net proceeds from borrowings \n \n \n 591.7 \n \n \n 1,780.3 \n \n \n \n \n Repayment of borrowings \n \n \n (315.9) \n \n \n (1,428.6) \n \n \n \n \n Subscription of funds from non-controlling interest \n \n \n - \n \n \n 350.5 \n \n \n \n \n Settlement of financial instruments and other financial liabilities \n \n \n (138.8) \n \n \n (279.9) \n \n \n \n \n Repayment of finance leases \n \n \n (68.0) \n \n \n (68.5) \n \n \n \n \n Equity dividends paid \n \n \n (116.3) \n \n \n (106.9) \n \n \n \n \n Minority dividends paid \n \n \n (12.5) \n \n \n (7.4) \n \n \n \n \n Disposal of investment \n \n \n 5.2 \n \n \n - \n \n \n \n \n Payments to non-controlling interests \n \n \n (4.1) \n \n \n - \n \n \n \n \n Net cash used in financing activities \n \n \n (58.7) \n \n \n 829.3 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Foreign exchange \n \n \n (15.8) \n \n \n (13.7) \n \n \n \n \n Net increase in cash \n \n \n 188.3 \n \n \n (257.9) \n \n \n \n \n During the year, the Group had a net cash inflow of £188.3m (2023: outflow of £257.9m). \n Net cash generated by operations was £976.2m (2023: £810.0m) including £1,088.8m of underlying EBITDA 4 (2023: £1,007.9m) and a working capital outflow of £9.1m (2023: £601.8m inflow) offset by separately disclosed items that are reported in operating activities of £103.5m (2023: £742.9m) excluding items charged to depreciation, amortisation and impairment. In the prior year a £57.8m loss on discontinued operations was also included. Included within working capital is a £67.0m inflow for balances held with payment service providers as well as customer funds, which are net debt neutral (2023: £29.7m outflow). \n During the year, £142.0m was paid out in relation to corporate taxes (2023: £137.3m) with a further £254.9m paid out in interest (2023: £224.6m). \n Net cash used in investing activities for the year was £316.5m (2023: £1,521.6m) and includes net investment in capital expenditure of £298.1m (2023: £259.9m) and an additional £19.8m invested in BetMGM (2023: £40.7m). In the prior year net cash outflows on acquisitions of £1,315.4m were also incurred. These outflows were partially offset by dividends received from associates of £1.4m (2023: £9.6m). \n Net cash used in financing activities for the year was £58.7m (2023: £829.3m received). £591.7m was raised through new financing facilities (2023: £1,780.3m) which were used, in part, to repay £315.9m of debt (2023: £1,428.6m). In the prior year, £589.8m was also raised through an equity issuance and £350.5m received from minority holdings to meet their obligations under the SuperSport earn-out and STS acquisition which were recorded in non-controlling interests. £138.8m was paid on settlement of other financial instruments and liabilities, primarily relating to swap settlements and contingent consideration on previous acquisitions including New Zealand (2023: £279.9m). Lease payments of £68.0m (2023: £68.5m) including those on non-operational shops, were made in the year. \n During the year, the Group paid £116.3m in equity dividends (2023: £106.9m) and £12.5m in dividends to the minority interest in Entain CEE (2023: £7.4m). There was also £5.2m received on disposal of an investment. \n Net debt and liquidity \n As at 31 December 2024, adjusted net debt 6 was £3,339.1m and represented an adjusted net debt 6 to underlying EBITDA 4 ratio of 3.1x (3.5x including the DPA liability). The closing net debt has benefitted from a working capital inflow in the year which is expected to partially unwind in 2025. The Group has not drawn down on the revolving credit facility at 31 December 2024 (2023: £295m). \n \n \n \n \n \n \n \n Par value \n \n \n Issue costs/ Premium \n \n \n Total \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Term loans \n \n \n (3,681.9) \n \n \n 50.6 \n \n \n (3,631.3) \n \n \n \n \n Interest accrual \n \n \n 0.1 \n \n \n - \n \n \n 0.1 \n \n \n \n \n \n \n \n (3,681.8) \n \n \n 50.6 \n \n \n (3,631.2) \n \n \n \n \n Cash \n \n \n \n \n \n \n \n \n 588.9 \n \n \n \n \n Net debt \n \n \n \n \n \n \n \n \n (3,042.3) \n \n \n \n \n Cash held on behalf of customers \n \n \n \n \n \n \n \n \n (196.6) \n \n \n \n \n Fair value of swaps held against debt instruments \n \n \n \n \n \n 66.8 \n \n \n \n \n Other debt related items* \n \n \n \n \n \n \n \n \n 157.5 \n \n \n \n \n Lease liabilities \n \n \n \n \n \n \n \n \n (324.5) \n \n \n \n \n Adjusted net debt \n \n \n \n \n \n \n \n \n (3,339.1) \n \n \n \n \n    *Other debt related items include balances held with payment service providers, deposits and other similar items \n Refinancing \n On 1 March 2024, the Group raised an additional £300m of borrowings under a bank loan facility which was used to repay all amounts drawn on the Group's revolving credit facility. On 1 March 2024, the commitments available under the Group's revolving credit facility were increased by £45m to £635m. \n On 29 April 2024, the Group announced the successful re-pricing of the existing $1,740m loan with a margin reduction of 75bps and removal of the 10bps credit adjustment spread. Additionally, $500m was added on to increase the loan to $2,240m. There was no change in the maturity date of October 2029. It was also announced that the €1,030m loan was re-priced with a margin reduction of 50bps to 325bps and this loan was also increased by €235m to €1,265m. There was no change in the maturity date of June 2028. \n The proceeds of the extended term loans were used to immediately repay the £300m bank loan borrowed earlier in Q1 2024 with the remaining funds used to improve the Group's liquidity. \n Going Concern \n 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. In addition, the Directors have considered all matters discussed in connection with the long-term viability statement including the modelling of 'severe but plausible' downside scenarios such as legislation changes impacting the Group's Online business and severe data privacy and cybersecurity breaches. \n Given the level of the Group's available cash 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. \n Notes \n (1)   2024 and 2023 statutory results are audited , with the tables presented relating to continuing operations and including both statutory and non-statutory measures \n (2)   Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2024 exchange rates \n (3)   Contribution represents gross profit less marketing costs and is a key performance metric used by the Group \n (4)   EBITDA is earnings before interest, tax, depreciation and amortisation, share based payments and share of JV income. EBITDA is stated pre separately disclosed items \n (5)   Stated pre separately disclosed items \n (6)   Adjusted net debt excludes the DPA settlement. Leverage also excludes any benefit from future BetMGM EBITDA or the payments due to acquire the minority interests in Entain CEE \n CONSOLIDATED INCOME STATEMENT \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024 \n \n \n              \n \n \n \n \n \n 2023 \n \n \n \n \n \n \n \n Notes \n \n \n Underlying \n  items \n   \n \n \n Separately disclosed \n items \n (Note 6) \n \n \n Total \n   \n \n \n Underlying \n  items \n   \n \n \n Separately disclosed \n items \n (Note 6) \n \n \n Total \n   \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Net Gaming Revenue \n \n \n \n \n \n 5,161.9 \n \n \n - \n \n \n 5,161.9 \n \n \n 4,833.1 \n \n \n - \n \n \n 4,833.1 \n \n \n \n \n VAT/GST \n \n \n \n \n \n (72.7) \n \n \n - \n \n \n (72.7) \n \n \n (63.5) \n \n \n - \n \n \n (63.5) \n \n \n \n \n Revenue \n \n \n 5 \n \n \n 5,089.2 \n \n \n - \n \n \n 5,089.2 \n \n \n 4,769.6 \n \n \n - \n \n \n 4,769.6 \n \n \n \n \n Cost of sales \n \n \n \n \n \n (1,971.1) \n \n \n - \n \n \n (1,971.1) \n \n \n (1,862.6) \n \n \n - \n \n \n (1,862.6) \n \n \n \n \n Gross profit \n \n \n \n \n \n 3,118.1 \n \n \n - \n \n \n 3,118.1 \n \n \n 2,907.0 \n \n \n - \n \n \n 2,907.0 \n \n \n \n \n Administrative costs \n \n \n \n \n \n (2,387.3) \n \n \n (866.7) \n \n \n (3,254.0) \n \n \n (2,222.3) \n \n \n (1,286.5) \n \n \n (3,508.8) \n \n \n \n \n Contribution 1 \n \n \n \n \n \n 2,480.5 \n \n \n - \n \n \n 2,480.5 \n \n \n 2,279.4 \n \n \n - \n \n \n 2,279.4 \n \n \n \n \n Administrative costs excluding marketing \n \n \n \n \n \n (1,749.7) \n \n \n (866.7) \n \n \n (2,616.4) \n \n \n (1,594.7) \n \n \n (1,286.5) \n \n \n (2,881.2) \n \n \n \n \n Group operating profit/(loss) before share of results from joint ventures and associates \n \n \n \n \n \n 730.8 \n \n \n (866.7) \n \n \n (135.9) \n \n \n 684.7 \n \n \n (1,286.5) \n \n \n (601.8) \n \n \n \n \n Share of results from joint ventures and associates \n \n \n \n \n \n (114.2) \n \n \n - \n \n \n (114.2) \n \n \n (42.9) \n \n \n - \n \n \n (42.9) \n \n \n \n \n Group operating profit/(loss) \n \n \n \n \n \n 616.6 \n \n \n (866.7) \n \n \n (250.1) \n \n \n 641.8 \n \n \n (1,286.5) \n \n \n (644.7) \n \n \n \n \n Finance expense \n \n \n 7 \n \n \n (280.3) \n \n \n (9.1) \n \n \n (289.4) \n \n \n (241.8) \n \n \n (1.0) \n \n \n (242.8) \n \n \n \n \n Finance income \n \n \n 7 \n \n \n 16.1 \n \n \n - \n \n \n 16.1 \n \n \n 12.4 \n \n \n - \n \n \n 12.4 \n \n \n \n \n Gains/(losses) arising from change in fair value of financial instruments \n \n \n 7 \n \n \n 145.0 \n \n \n - \n \n \n 145.0 \n \n \n (90.6) \n \n \n - \n \n \n (90.6) \n \n \n \n \n Gains arising from foreign exchange on debt instruments \n \n \n 7 \n \n \n 21.0 \n \n \n - \n \n \n 21.0 \n \n \n 123.1 \n \n \n - \n \n \n 123.1 \n \n \n \n \n Profit/(loss) before tax \n \n \n \n \n \n 518.4 \n \n \n (875.8) \n \n \n (357.4) \n \n \n 444.9 \n \n \n (1,287.5) \n \n \n (842.6) \n \n \n \n \n Income tax \n \n \n \n \n \n (138.9) \n \n \n 35.3 \n \n \n (103.6) \n \n \n (105.8) \n \n \n 69.7 \n \n \n (36.1) \n \n \n \n \n Profit/(loss) from continuing operations \n \n \n   \n \n \n 379.5 \n \n \n (840.5) \n \n \n (461.0) \n \n \n 339.1 \n \n \n (1,217.8) \n \n \n (878.7) \n \n \n \n \n Loss for the year from discontinued operations after tax \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (57.8) \n \n \n (57.8) \n \n \n \n \n Profit/(loss) for the year \n \n \n   \n \n \n 379.5 \n \n \n (840.5) \n \n \n (461.0) \n \n \n 339.1 \n \n \n (1,275.6) \n \n \n (936.5) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Attributable to: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity holders of the parent \n \n \n \n \n \n 335.6 \n \n \n (788.3) \n \n \n (452.7) \n \n \n 304.1 \n \n \n (1,232.7) \n \n \n (928.6) \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n 43.9 \n \n \n (52.2) \n \n \n (8.3) \n \n \n 35.0 \n \n \n (42.9) \n \n \n (7.9) \n \n \n \n \n \n \n \n \n \n \n 379.5 \n \n \n (840.5) \n \n \n (461.0) \n \n \n 339.1 \n \n \n (1,275.6) \n \n \n (936.5) \n \n \n \n \n Earnings per share on profit/(loss) for the year \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n from continuing operations \n \n \n \n \n \n 30.2p 2 \n \n \n \n \n \n (70.8p) \n \n \n 44.3p 2 \n \n \n \n \n \n (141.4p) \n \n \n \n \n From profit/(loss) for the year \n \n \n 9 \n \n \n 30.2p 2 \n \n \n \n \n \n (70.8p) \n \n \n 44.3p 2 \n \n \n \n \n \n (150.7p) \n \n \n \n \n Diluted earnings per share on profit/(loss) for the year \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n from continuing operations \n \n \n \n \n \n 29.9p 2 \n \n \n \n \n \n (70.8p) \n \n \n 44.2p 2 \n \n \n \n \n \n (141.4p) \n \n \n \n \n From profit/(loss) for the year \n \n \n 9 \n \n \n 29.9p 2 \n \n \n \n \n \n (70.8p) \n \n \n 44.2p 2 \n \n \n \n \n \n (150.7p) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Memo \n \n \n \n \n EBITDA 3 \n \n \n \n \n \n 1,088.8 \n \n \n (103.5) \n \n \n 985.3 \n \n \n 1,007.9 \n \n \n (742.9) \n \n \n 265.0 \n \n \n \n \n Share-based payments \n \n \n \n \n \n (13.3) \n \n \n - \n \n \n (13.3) \n \n \n (21.7) \n \n \n - \n \n \n (21.7) \n \n \n \n \n Depreciation, amortisation and impairment \n \n \n \n \n \n (344.7) \n \n \n (763.2) \n \n \n (1,107.9) \n \n \n (301.5) \n \n \n (543.6) \n \n \n (845.1) \n \n \n \n \n Share of results from joint ventures and associates \n \n \n \n \n \n (114.2) \n \n \n - \n \n \n (114.2) \n \n \n (42.9) \n \n \n - \n \n \n (42.9) \n \n \n \n \n Group operating profit/(loss) \n \n \n \n \n \n 616.6 \n \n \n (866.7) \n \n \n (250.1) \n \n \n 641.8 \n \n \n (1,286.5) \n \n \n (644.7) \n \n \n \n \n 1.     Contribution represents gross profit less marketing costs and is a key performance metric used by the Group. \n 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 9 for further details. \n 3.     EBITDA is earnings before interest, tax, depreciation and amortisation, share based payments and share of JV income. \n CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME \n \n \n \n \n \n \n \n Notes \n \n \n \n \n \n 2024 \n £m \n \n \n \n \n \n 2023 \n £m \n \n \n \n \n Loss for the year \n \n \n \n \n \n \n \n \n (461.0) \n \n \n \n \n \n (936.5) \n \n \n \n \n Other comprehensive ( expense)/ i ncome : \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Items that may be reclassified to profit or loss: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Currency differences on translation of foreign operations \n \n \n \n \n \n \n \n \n (189.4) \n \n \n \n \n \n ( 83.5) \n \n \n \n \n Total items that may be reclassified to profit or loss \n \n \n \n \n \n \n \n \n (189.4) \n \n \n \n \n \n (83.5) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Items that will not be reclassified to profit or loss: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Re-measurement of defined benefit pension scheme \n \n \n \n \n \n \n \n \n (8.1) \n \n \n \n \n \n ( 3.7) \n \n \n \n \n Tax on re-measurement of defined benefit pension scheme \n \n \n \n \n \n \n \n \n 4.8 \n \n \n \n \n \n 1.3 \n \n \n \n \n S urplus on revaluation of other investment \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n 1 .1 \n \n \n \n \n Share of associate other comprehensive e xpense \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n ( 1.1) \n \n \n \n \n Total items that will not be reclassified to profit or loss \n \n \n \n \n \n \n \n \n (3.3) \n \n \n \n \n \n (2.4) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other comprehensive expense for the year, net of tax \n \n \n \n \n \n \n \n \n (192.7) \n \n \n \n \n \n ( 85.9) \n \n \n \n \n Total comprehensive expense for the year \n \n \n \n \n \n \n \n \n (653.7) \n \n \n \n \n \n ( 1,022.4) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Attributable to: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity holders of the parent \n \n \n \n \n \n \n \n \n (621.4) \n \n \n \n \n \n (1,020.8) \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n \n \n \n (32.3) \n \n \n \n \n \n ( 1.6) \n \n \n \n \n   \n CONSOLIDATED BALANCE SHEET \n \n \n \n \n \n \n \n Notes \n \n \n 2024 \n £m \n \n \n 2023 \n £m \n \n \n \n \n Assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Goodwill \n \n \n 10 \n \n \n 4,138.9 \n \n \n 4,716.0 \n \n \n \n \n Intangible assets \n \n \n 10 \n \n \n 3,519.4 \n \n \n 3 ,960.1 \n \n \n \n \n Property, plant and equipment \n \n \n 12 \n \n \n 573.8 \n \n \n 533.4 \n \n \n \n \n Interest in joint venture \n \n \n \n \n \n - \n \n \n - \n \n \n \n \n Interest in associates and other investments \n \n \n \n \n \n 32.6 \n \n \n 47.1 \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n 27.1 \n \n \n 3 1.8 \n \n \n \n \n Derivative financial instruments \n \n \n \n \n \n 1 9.1 \n \n \n - \n \n \n \n \n Deferred tax assets \n \n \n \n \n \n 476.1 \n \n \n 493.2 \n \n \n \n \n Retirement benefit asset \n \n \n \n \n \n 55.1 \n \n \n 61.8 \n \n \n \n \n   \n \n \n   \n \n \n 8,842.1 \n \n \n 9,843.4 \n \n \n \n \n Current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n 563.8 \n \n \n 5 03.2 \n \n \n \n \n Income and other taxes recoverable \n \n \n \n \n \n 78.9 \n \n \n 71.5 \n \n \n \n \n Derivative financial instruments \n \n \n \n \n \n 67.3 \n \n \n 3 1.9 \n \n \n \n \n Cash and cash equivalents \n \n \n \n \n \n 588.9 \n \n \n 400.6 \n \n \n \n \n   \n \n \n   \n \n \n 1,298.9 \n \n \n 1 ,007.2 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total assets \n \n \n   \n \n \n 10,141.0 \n \n \n 10,8 50.6 \n \n \n \n \n Liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n \n \n \n (1,120.6) \n \n \n (878.6) \n \n \n \n \n Balances with customers \n \n \n 13 \n \n \n (196.6) \n \n \n (196.8) \n \n \n \n \n Lease liabilities \n \n \n \n \n \n (77.2) \n \n \n (65.7) \n \n \n \n \n Interest-bearing loans and borrow...

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