Entain PLC on Monday said an improved performance in the UK and Ireland has helped deliver a better-than-expected performance so far in the second half of 2024.

The Isle of Man-based betting operator, which owns Ladbrokes and Coral, said the improving momentum delivered during the second quarter has continued, with online net gaming revenue growth during the second half of 2024 to date ‘ahead of our expectations’.

In response, shares in Entain rose 7.5% to 687.03 pence in London on Monday morning. They have rallied 23% in the past month but remain down 41% over the past 12 months. The stock has been under pressure after a tax settlement related to charges of bribery offences at its former Turkish arm sent the company to a big loss.

Entain, providing an update on its ‘strategic progress and trading performance’ ahead of investor meetings this week, said it has performed well so far in its second half, returning to growth in its UK and Ireland online betting offering ‘earlier than expected’.

In the UK&I, Entain disclosed an accelerated recovery across gaming and sports, with sports NGR benefiting from both stronger volumes and margins.

International and Central and Eastern Europe regions continue to perform well while the retail performance across regions remains in line with expectations, Entain added.

In August, Entain increased annual guidance.

It expects 2024 online net gaming revenue growth on a proforma basis to be a low single-digit percentage positive, improved from previous guidance that this would be negative by a low single-digit percentage.

The company expects to deliver earnings before interest, tax, depreciation and amortisation in the range of £1.04 billion to £1.09 billion, at least 3.2% higher than £1.01 billion in 2023. Underlying Ebitda in the first half of 2024 was £523.8 million, up 4.9% from £499.4 million in 2023.

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