SBC News Betclic H1 downturn drags FL Entertainment Amsterdam debut 

Betclic H1 downturn drags FL Entertainment Amsterdam debut 

FL Entertainment NV has published its first set of results as an Amsterdam Euronext media and entertainment conglomerate, merging the business assets of Banijay Group and Betclic Everest. 

Founded in May, FL Entertainment was formed via a SPAC merger with Pegasus Entrepreneurs. The business holds the media and sports betting assets of French mogul Stéphane Courbit, and listed on the Amsterdam Euronext in July targeting a corporate valuation of + €7bn.

Publishing its H1 2022 interim statement, FL Entertainment registered consolidated corporate revenues of €1.80bn, up 18% on corresponding 2021 results of €1.51bn. 

Revenue growth was attributed to the performance of the enlarged Banijay media production and distribution unit which generated revenues of €1.40bn.

The media unit is formed of the assets of Vivendi, Fimalac Entertainment and De Agostini Publishing, which generated a combined EBITDA result of €198m (H12021: €152m).

FL Entertainment commented on its media performance: “The strong double-digit revenue growth was well spread across the two activities: Content production was driven by new show deliveries (such as Pride and Prejudice in the US, Pekin Express and The Laura Pausini Tour in Italy, the return to seasonal pre-covid production pace in the US (such as Celebrity Big Brother, Masterchef), repeat business with formats recommission (such as “Survivor” in Australia).”

Whilst positive results were registered by its media unit, the group saw the performance of Betclic Everest drag, reporting H1 revenues of €396m, down 3% on comparative 2021 results of €408m.

A ‘quieter sports calendar’ saw group sportsbook revenues decline by 3.5% to €322m (H12021: €333m). The Sportsbook downturn was attributed to tough comparatives featuring UEFA Euro 2020 trading and accounting for the ‘discontinued activities’ of the bet-at-home subsidiary.

The report’s consolidated items revealed that H1 trading had registered €12m in ‘exceptional income’ generated from the “deconsolidation of bet-at-home”.

Elsewhere H1 online casino revenues fell to €46m, down 7% on corresponding 2021 results of €50m.

Sportsbook and Online Gambling assets achieved a combined EBITDA of €103m, down 4.5% on H1 2021 results of €108m. Yet, FL Entertainment maintained an improved group EBITDA result of €300m (H1 2021: €259m).

The group noted a strong outlook for its Sportsbook and Casino assets, which had registered a “+7% increase in active players”, reflecting an “improved platform performance and enrichment of content”.

FL Entertainment outlined its full-year 2022 forecast that targets media revenue of €3bn and EBITDA of circa €450m. Sports betting & online gaming revenues are projected at .€800m with an adjusted EBITDA target of approximately €200m.

FL Entertainment CEO  François Riahi said:” FL Entertainment’s listing in July 2022 is the start of a new chapter for our business and we are delighted to begin life as a publicly-traded company with such strong momentum.

“We enjoy leading positions in attractive and growing segments of the entertainment industry and are well-placed to capitalize on new opportunities and continue our track record of delivering profitable growth.”

SBC News Betclic H1 downturn drags FL Entertainment Amsterdam debut 

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