Entain publishes its 2023 financial statement which shows that net gaming revenues for 2023 reached £4,83 billion, while group revenues also rose by 11,0% to £4,77 billion of pounds. Entain noted that revenues were higher across all core business segments.
The net loss for the group is £936 million. It is the result of dealings with the UK's HMRC and the Crown Prosecution Service (CPS) and concerned his historical activities in Turkey.
Announced in November the deal saw Entain pay £585,0 million. It will also make a £20 million charitable donation and contribute £10 million towards CPS and HMRC costs. All of these costs were noted in the 2023 results, as well as other additional costs from across the company.
Other expenses impacting Entain in 2023 included higher impairment charges, amortization of acquired intangible assets and restructuring charges. Grouped together, these expenses pushed Entain to a net loss of almost £1,00 billion.
Group EBITDA increased by 1% to £1.008 million.
Barry Gibson, President of Entain, has thus commented the results:
“2023 was a necessary, but ultimately positive, transition period for Entain. We significantly strengthened the quality of our revenue base, improved our Board and provided a resolution to a critical regulatory issue.
We are making positive progress in the search for a new permanent CEO, and in the meantime Stella is leading the business as it continues to take appropriate actions to deliver changes to drive improved long-term performance. We are also making good progress in adding our strength to the Board – Ricky Sandler and Amanda Brown have joined the Board in recent months and we expect to announce a further appointment shortly.
As our transformation continues, the new capital allocation committee has initiated a review of Entain's markets, brands and verticals. The objectives of the review are to help focus the organization, improve competitive positions and maximize shareholder value.
Star David, Interim CEO of Entain, commented:
2023 presented a number of challenges for the Group, both at an industry and sustainability level. I am extremely proud of how our people around the world have come together to navigate the business through an eventful and sometimes difficult year. Against this backdrop, Entain was still able to deliver overall revenue growth of 14%, including our US joint venture, achieving revenues above expectations.
We began the new financial year with a clear plan to accelerate our operational strategy and are making progress on a number of initiatives to refocus our market portfolio, prioritize organic growth, drive our share in the United States and expand our margins. We are entirely focused on operational excellence and exceptional execution and, as a result, we are confident that we are on track to deliver future growth. We remain confident that our business will drive organic growth in 2025 and beyond.”
