Entain has increased the guidance for its full year revenue after narrowing its losses in the first six months of 2024.

The gambling group posted a loss after tax of £46.9m in the six months to 30 June, down significantly from the £502.5m loss made in the same period in 2023.

Entain, which owns bookmakers Coral and Ladbrokes, posted a 6% climb in revenue to £2.5bn as it cited football results at Euro 24 as a reason for its improved performance. The group’s EBITDA reached £524m, marking a 5% increase on last year.

The figures come as Entain prepares for its new CEO, Gavin Isaacs, to join the group on 2 September.

Current interim CEO and chair designate at Entain, Stella David, said that the H1 results were “clear evidence” that work to improve the group’s operational performance is “bearing fruit”.

“Whilst there is more work to do, we are pleased with the progress so far and look forward to building further on these solid foundations in H2 and beyond.

“Our focused execution underpins the group’s performance so far this year, and we are excited by the opportunities ahead. I look forward to welcoming Gavin Isaacs as our new CEO and supporting him as we continue to build on the group’s improving operational momentum.”

Head of equity research at Hargreaves Lansdown, Derren Nathan, added: “The guidance upgrade should provide some reassurance to investors in light of slower-than-hoped progress towards profitability in its US joint venture BetMGM.

“There are some really exciting opportunities over the long-term and the current valuation somewhat derisks the odds of a successful wager for those considering a purchase of Entain shares.”

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