SBC News FDJ upgrades 2022 forecasts ahead of World Cup boost

FDJ upgrades 2022 forecasts ahead of World Cup boost

Groupe FDJ has raised its full-year revenue and earnings forecasts, as the French gambling group anticipates a strong finish to 2022.

Providing a Q3 trading update (period ending 30 September), FDJ recorded a 12% increase in corporate revenues to €592m.

The Paris Euronext firm continues to benefit from the full recovery of Française des Jeux (FDJ) retail network benefitting the sales of French National Lottery products.

Period trading saw FDJ sales for draw games increase by 17% to €1.69bn, as customers participated in high EuroMillions jackpot draws above €75m.

Relaunching popular ‘Cash X10’ and ‘Cash X20’ scratchcard products, FDJ saw instant game sales increase by 7% to €2.3bn.

Lottery sales continue to benefit from a fully operational FDJ point-of-sales (POS) network as unit revenues totalled €478m.

The group’s Parions Sport unit reported ‘stable revenues’ of €97m, results which lag on peak 2021 comparatives featuring UEFA Euro 2020 trading.

FDJ projects a strong outlook for its sports unit, which recorded a 9% increase in wagers from August-to-September maintaining a good momentum ahead of this winter’s FIFA Qatar World Cup.

Stéphane Pallez, Group CEO of the FDJ Group, said: “The strong momentum recorded by the Group at the beginning of the year continued into the third quarter. We are particularly pleased with the return of our point-of-sale network to a healthy business dynamic, with quarterly stakes up by 6%.

“Our digital business continues to attract a growing number of players, almost 5 million. The good performance expected for the full year reflects the relevance of our strategy, which is based on these two distribution channels, and confirms our long-term responsible growth model.”

Entering year-end trading FDJ expects full-year revenue to be up by more than 8% with an EBITDA margin close to 24%, above the forecasts at the beginning of the year – (5% revenue uplift and 23% EBITDA margin).

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