CREASE RESISTANT COMFORT TROUSERS
FLUTTER Entertainment, the owner of Paddy Power and Betfair, is tipped to say that its profits surged last year despite the pandemic, when it presents its results on Tuesday.
City analysts believe that the betting giant will say that its pre-tax profits more than doubled from £135.7 to £322.5million, and that its revenues soared from £2.1 to £4.8billion.
Although its performance was impacted by the absence of live sport during the first lockdown, Flutter has benefited from strong growth in the US and Australia, as well as people playing more casino and card games such as poker during that period. Last year’s £10billion acquisition of Poker Stars, the owner of Sky Bet, significantly boosted its non-sports betting offer.
Despite its strong results, Flutter is not expected to pay any dividends for its 2020 financial year due to the ongoing coronavirus crisis. It paid a £2 per share dividend prior to that.
To promote gender equality nonexecutive directors Divyesh Gadhia and Peter Rigby will step down at its annual meeting on April 29, to be replaced by Britishamericantobacco director Holly Koeppel andvice Media chief executive Nancy Dubuc.
Flutter chairman Gary Mcgann said: “This will add to the diversity of thought and perspective on the board.”
PROTECTING jobs and the economy is not cheap but Chancellor Rishi Sunak must keep doing just that at his Budget on Wednesday.
The cost of the Government’s pandemic response has sent public sector borrowing more than £250billion higher than it normally would be.with such record levels, there are growing calls for Sunak to be more mindful of day-to-day spending and keep on top of borrowing.
Although fiscal prudence is admirable and desirable under normal circumstances, this is not the time for it.
Support schemes such as furlough are due to end inapril and have cost the taxpayer billions. Sunak should extend them so protection continues until the economy has fully reopened and then keep them running, tapering them until the recovery is firmly established.
This would cost billions more, but when compared with the damage cutting off support too soon would do – mass job losses and company failures – it would be a small price to pay.
The Chancellor also needs additional measures in place to help companies survive the pandemic. Giving previously profitable businesses tax rebates due to losses caused by Covid19 would be a good start.
Sunak has done well in his first year at 11 Downing Street, but the job is far from complete and there is still much to do.
● Geoff.ho@express.co.uk