Half Year 2024 La Francaise des Jeux SA Earnings Call Transcript
Key Points
- La Francaise Des Jeux SA (LFDJF) reported a strong revenue growth of 11% in the first half of 2024 compared to H1 2023, with a 5% increase at constant perimeter.
- Digital revenue saw a significant rise of 40%, contributing to 15% of total revenue, driven by an increase in the number of players.
- The recurring EBITDA margin improved to 25.9%, supported by strong business momentum, particularly in digital and sports betting.
- The company introduced a new indicator, adjusted net profit, which increased by 28% to EUR235 million, reflecting solid economic performance.
- LFDJF reiterated its full-year 2024 guidance, expecting a reported revenue growth of around 8% for the group and a recurring EBITDA margin of around 24.5%.
- The sports betting revenue fell short of expectations due to specific factors like the political context in France and the national team's performance.
- The company anticipates a lower EBITDA margin in the second half of the year, partly due to higher advertising expenses and the normalization of sports betting margins.
- There is ongoing uncertainty regarding the European Commission's investigation, with no definitive timeline for resolution.
- The integration of acquisitions like Kindred and ZEturf is subject to regulatory approvals, which could pose potential delays.
- The company faces challenges in maintaining digital growth momentum, particularly as it laps the launch of successful games like EuroDreams.
Half year results call, my name is Melissa, and I will be your coordinator for today's event. (Operator Instructions) Please note this conference is being recorded. I will now hand you over to your host, Mr. Pascal Chaffard, Executive Vice President in charge of Finance, Performance, and Strategy, to begin today's conference. Thank you.
Good morning, -- good evening, sorry, ladies and gentlemen, and welcome to this presentation of FDJ Group's results for the first half of 2024. By my side, there is Mark (inaudible) our IR. The presentation we are going to comment is available online in the investors section of our corporate websites, and we will try to keep this presentation brief to allow enough time for the Q&A session.
I will first give you some highlights of our first half both financial and extra financial and an update on the Kindred acquisition process, which is well on track to (inaudible) Then I will
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