PointsBet (ASX: $PBH) H1 FY24 Results Overview

PointsBet Holdings Limited (ASX: $PBH) has released its H1 FY24 results, showcasing a remarkable performance in both its Australia and Canada business segments. The company reported a record half with revenue of $101.7m, marking a 7% increase compared to the prior corresponding period (PCP). Additionally, the gross profit reached $50.1m, reflecting a 12% surge versus PCP, and the gross profit margin improved to 49% from 47% in PCP. Notably, the company achieved its first Statutory EBITDA positive H1 in its history, with a significant improvement from a loss of ($20.2)m in PCP to $0.9m in H1 FY24.

Executive Commentary on H1 FY24 Results

The company's ever-improving back-end capability and front-end product have been instrumental in delivering an efficiency strategy and record H1 results. We are pleased with the substantial growth in both the Australia and Canada business segments, with the Canada segment showing a particularly strong performance in sports betting and iGaming. The strategic partnerships and initiatives undertaken have contributed to these impressive outcomes, and we are optimistic about the future outlook for PointsBet.

Summary of H1 FY24 Results and Outlook

PointsBet's H1 FY24 results demonstrate a significant advancement in its financial performance, with record revenue and gross profit in both the Australia and Canada segments. The company's strategic focus on efficiency and product enhancement has yielded positive outcomes, leading to the achievement of its first Statutory EBITDA positive H1. Looking ahead, PointsBet aims to maintain its growth trajectory and anticipates achieving or being close to EBITDA breakeven in FY25. The company's outlook remains optimistic, supported by its strong position in the market and the potential for further growth in critical segments such as iGaming. PointsBet is committed to delivering value to its shareholders and capitalizing on opportunities for sustainable expansion and success.