Paddy Power Betfair has completed its rebrand and will be known as Flutter Entertainment going forward after shareholders overwhelmingly supported the name change earlier this month at their annual meeting.
The plan to rename the business was announced after the publishing of the company’s financial results for 2018 in March when the year-on-year revenue growth of 7% to £1.9bn (€2.15/$2.41bn) was revealed.
The name change is effective immediately, with the operator’s shares to now trade as Flutter Entertainment plc under the ticker symbol, FLTR, on both the London Stock Exchange and Euronext Dublin.
Shareholders cast their votes at the group’s Annual General Meeting, with 99.76 % of the total votes backing the proposed measures. With many ups and downs regarding financial aspects of the company in the last year, Paddy Power Betfair officials…
…were brainstorming whether renaming is the right move and how will it reflect in the long run. Apparently, they came to a conclusion that this transformation will give more power to the company and lead them towards successful future endeavors.
CEO of the company, Peter Jackson said:
“I think it’s a great opportunity to better reflect the global nature of our organization and the diverse set of challenger brands we have operating around the world. The fantastic thing is we have great support from some of the people who founded some of the businesses that are part of the new organization. While we are changing our name…
…most things aren’t going to change today. We have a fantastic group of challenger brands operating around the world that enable six million customers to bring entertainment to life. Our colleagues are looking after those customers in a responsible way to make sure they can enjoy their time with Flutter.”
Besides the rebranding…
…shareholders also voted to approve all other measures presented at the Annual General Meeting, including the declaration of a final dividend for 2018 of 133 pence per ordinary share. Jackson was cleared for re-election as a director, and so were a number of other senior staff members, such as chairman, Gary McGann.
AND…
…when it comes to 2019, Paddy Power Betfair officials say that the new financial year has started in line with the expectations. In their business review of this year so far, revenue for the first three months rose to £478 million, meaning a rise of 17% compared to the same period in 2018. This number is comprised of £366 million in sports revenue, up 15% year-on-year, and £113 million in gaming revenue, a 26% increase.
Source:
“Paddy Power Betfair rebrands Flutter Entertainment”, igamingbusiness.com, May 28, 2019.