Flutter NYSE primary listing transition sees CFO Edgecliffe-Johnson depart
Flutter Entertainment has completed its transition to a primary listing on the New York Stock Exchange (NYSE), with group chief financial officer (CFO) Paul Edgecliffe-Johnson stepping down as a result.
Plans for Flutter to list shares on the NYSE were announced in December, with the group eyeing a secondary listing. This then escalated in May when shareholders voted to approve to relocate its primary listing to the US.
Work has been ongoing to complete the transition, with the aim of listing by the end of May. Todayâs (31 May) news confirms Flutter has hit this target.
Completion follows the transfer of its listing category on the Official List of the Financial Conduct Authority from âPremium Listingâ to âStandard Listingâ. This is effective as of 08:00 BST today.
Flutter shares remain eligible for and continue to trade on the Main Market of the London Stock Exchange (LSE). Thes shares are located within the Standard Listing segment.
âToday marks an important milestone in the evolution of Flutter with the commencement of our primary listing on the NYSE,â Flutter CEO Peter Jackson said.Â
âThis closely follows the recent move of our operational headquarters to New York. Both reflect the increasing importance of the US sports betting and igaming market to our business.Â
âWe have a fantastic position in the US, with FanDuel the clear number one operator, and we look forward to this next step on our journey.â
Flutter names Coldrake as new CFO
In relation to this confirmation, Flutter has announced that Edgecliffe-Johnson is leaving as group CFO with immediate effect from today.Â
Flutter said in anticipation of its US primary listing, its board spoke with Edgecliffe-Johnson about the âextensiveâ executive management time to be spent in the US. This was in light of his family commitments in the UK.
As such, Flutter concluded it is in its best interests Edgecliffe-Johnson to step down as group CFO. He will also leave his role as executive director of the business.
His replacement, Rob Coldrake, steps up having served as CFO of Flutter International since joining the group in 2020.Â
Prior to this, Coldrake spent 14 years working in a range of financial roles at TUI Travel. He also had a spell at PricewaterhouseCoopers.
âDuring his four years at Flutter, Rob has shown himself to be a CFO of exceptional calibre,â CEO Jackson said. His skills and experience will help us to take advantage of the significant opportunities before us.Â
âI would like to thank Paul for his contribution to the group, particularly in relation to achieving our US primary listing, and I wish him and his family well.
Flutter chair John Bryant added: âThe board is especially delighted we were able to develop such a high-quality executive within our own business.  We look forward to working with him and the team into the future. Â
âI would also like to take the opportunity to wish Paul well and to thank him for his contribution to the group.â
Net loss hits $375m at Flutter in Q1
The developments come on the back of a tricky Q1 for Flutter, during which it reported a net loss of $375m (ÂŁ295m/âŹ346m). This came as higher expenses and negative foreign currency translation offset a 16.4% year-on-year increase in revenue.
Revenue was up to $3.40bn, with Flutter reporting growth across almost all markets, with the exception of Australia. However, it is the US where the group continues to see the most growth, with ongoing expansion driving its listing transition.
In Q1, activity in the US accounted for more than 40.0% of all revenue at $1.41bn. Not only this, igaming gross gaming revenue (GGR) share hit a new high of 27%, helped by its focus on direct casino players and customer experiences, and the addition of new games and content to FanDuel Casino.
As for sports betting, online net gaming revenue market share also increased to 52%. During Q1, FanDuel went live in both Vermont and North Carolina, increasing its overall customer base and reach in the process.
Total new sportsbook and casino player volumes were lower in the quarter. This, Flutter said, is due to a full quarter of significant Ohio acquisition volumes last year. However, new players acquired in states that launched before 2022 was 12% higher than last year.
However, while the US growth is something to celebrate, higher costs let to a comprehensive net loss of $375m. This is in contrast to a $54m net profit in 2023. Last yearâs figure was helped by significant foreign currency gains.
However, there was better news in terms of adjusted EBITDA, which improved by 46.0% to $514m. When excluding the US, this amount hit $488m, up 20.2% year-on-year.
