Flutter’s H1 2023 results exceeded expectations with 38% revenue growth, driven by strong US growth (+63%) and UK expansion (+13%). The US swing from loss to profit (£49m vs. -£132m) and improved EBITDA in UK & Ireland (+24%) contributed to a solid margin beat. The group expects FY23 EBITA of £1.53bn-£1.79bn and should complete its additional US listing by Q4 23 or Q1 24. We will upgrade our FY23 estimates by mid-to-high single digits.
