FDJ: Covid-19 weighs, but business picking up
(CercleFinance.com) - La Française des Jeux on Thursday quantified the impact of the lockdown on its results, while mentioning a "gradual" recovery in business since measures have begun to be lifted.
The gambling operator says it expects its sales to be impacted by close to 200 million euros, with 100 million euros sliced off its Ebitda over the lockdown period, which corresponds to a drop of almost 60% in betting volumes.
FDJ nevertheless reports a gradual recovery in activity since the end of the lockdown, due to the reopening of almost all of its sales outlets.
The group also says that it is counting on the resumption of sports competitions, including most national football championships in Europe by the end of June.
French and international matches will resume in August, while the first NBA games are scheduled for the end of July.
In a trading update provided at its AGM, which will be held behind closed doors today, FDJ says that from the start of the crisis, it has implemented a savings plan of over 80 million euros for FY 2020, representing over 10% of its annual fixed costs.
It had cash and equivalent of over 800 million euros at the end of May.
However, the market doesn't seem too convinced - the share is down 0.5% on Thursday morning, having fallen by up to 2% at one point.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The gambling operator says it expects its sales to be impacted by close to 200 million euros, with 100 million euros sliced off its Ebitda over the lockdown period, which corresponds to a drop of almost 60% in betting volumes.
FDJ nevertheless reports a gradual recovery in activity since the end of the lockdown, due to the reopening of almost all of its sales outlets.
The group also says that it is counting on the resumption of sports competitions, including most national football championships in Europe by the end of June.
French and international matches will resume in August, while the first NBA games are scheduled for the end of July.
In a trading update provided at its AGM, which will be held behind closed doors today, FDJ says that from the start of the crisis, it has implemented a savings plan of over 80 million euros for FY 2020, representing over 10% of its annual fixed costs.
It had cash and equivalent of over 800 million euros at the end of May.
However, the market doesn't seem too convinced - the share is down 0.5% on Thursday morning, having fallen by up to 2% at one point.
Copyright (c) 2020 CercleFinance.com. All rights reserved.