Home In-Depth Edgecliffe Johnson, CFO of Flutter NYSE Primary Listing Transition departs

Edgecliffe Johnson, CFO of Flutter NYSE Primary Listing Transition departs

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Flutter has successfully completed the transition from a secondary listing to the New York Stock Exchange. Group Chief Financial Officer (CFO), Paul Edgecliffe Johnson, has resigned as a consequence.

Flutter announced plans to list on the NYSE in December. The group was aiming for a secondary listing. In May, shareholders approved the move to US.

The goal is to list by May’s end. The news of today (31 May), confirms that Flutter achieved this goal.

The completion follows its transfer from “Premium listing” to “Standard listing” on the Official List. The change is in effect as of today at 8am BST.

The London Stock Exchange’s Main Market continues to accept Flutter shares and they continue to be traded on it. These shares fall under the Standard Listing segment.

Flutter’s CEO Peter Jackson stated that today marks a significant milestone for the company as we begin our listing on NYSE.

This move follows closely on the heels of our recent relocation to New York. The move reflects the growing importance that the US market for sports betting and online gaming has to our business.

We are in a great position, as FanDuel is the number one provider of online gambling services, and look forward to the next stage on our journey.

Coldrake named as the new Chief Financial Officer by Flutter

Flutter announced today that Edgecliffe Johnson is leaving his position as CFO of the group with immediate effect.

Flutter stated that in anticipation of the US primary listing its board had spoken with Edgecliffe Johnson about the “extensive time” required for executive management in the US. It was because of Edgecliffe-Johnson’s family obligations in the UK.

Flutter has concluded that Edgecliffe Johnson’s resignation as CFO of the group is best for Flutter. Edgecliffe-Johnson will also step down from his position as executive director.

Rob Coldrake replaces him, having been CFO at Flutter International, since 2020.

Coldrake worked in various financial positions at TUI Travel for 14 years. He also had a spell at PricewaterhouseCoopers.

Rob Jackson, CEO of Flutter said: “During Rob’s four years with Flutter, Rob demonstrated that he is a CFO who has exceptional qualifications.” He will be able to help us take full advantage of our opportunities with his skills and expertise.

“I want to thank Paul and wish his family the best for all their efforts in achieving US primary listing.

John Bryant, Flutter’s chairperson, added that the board was “particularly delighted” to have been able develop a top-notch executive in our business. Looking forward to continuing our work with him and his team in the future.

I would like to also take this opportunity to thank Paul for his contributions to the group and wish him well.

Flutter suffers a net loss of $375m in the first quarter

Flutter had a difficult Q1 in which it posted a loss of 375m ($375m/PS295m/EUR346m). The increase was due to higher costs and negative currency exchange, which offset the 16.4% growth in revenue.

The group reported growth in almost every market, except Australia. The group’s growth is primarily driven by the US, where it continues to expand.

The US generated more than 40% of the total revenue in Q1 at $1.41bn. The igaming gross gambling revenue (GGR), which is based on the total gaming revenues, has reached a record high, reaching 27%. This was due to its increased focus on direct players, customer experience, and new content and games at FanDuel.

In terms of sports betting, the online gaming market revenue share increased as well to 52%. FanDuel launched in Vermont and North Carolina during Q1, increasing the company’s overall reach and customer base.

The total number of new casino and sportsbook players was lower during the third quarter. Flutter explained that this is because of a quarter-long period in which Ohio had significant acquisition volume last year. The number of new players in the states which launched prior to 2022 increased by 12%.

While the US is a growth story to be celebrated, increased costs have led to an overall net loss of 375 million dollars. In 2023, the net profit was $54 million. The foreign exchange gains last year helped to boost the figure.

The adjusted EBITDA improved 46.0%, reaching $514m. This amount was $488m without the US. It increased by 20.2% on a year-on-year basis.

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