Leisure

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Gaming

Progress towards legislative certainty in the UK

The House of Lords Select Committee has published its long-anticipated report on Gambling Harm. Of the various parties issuing expert/recommendation reports on this topic in recent...

Flutter Entertainment

Platform + opportunity = growth

Flutter deserves attention. A compelling strategy is delivering a powerful growth platform in a global and structurally expanding industry. It presents a multi-year opportunity for the...

William Hill plc

Right shaping business an expensive exercise

In an environment where the set of structural growth opportunities is expanding (acceleration in US regulation, a channel shift towards online) but free cash flow (FCF) generation...

Hotels

Travelodge update reflects issues with the budget sector and the capital light model

Travelodge has reported Q1 2020 results reflecting a loss for the period and plans to renegotiate terms with its bondholders and landlords. This update reflects the risks associated...

William Hill plc

More protected financial position is the standout

With over 70% of its top line impacted by current developments, a substantially smaller profit base than peers and a balance sheet with little excess capacity, William Hill’s (WMH)...

Hotels

Latest Irish residential rents data from Daft.ie

The latest rental report from Daft.ie covers Q1 2020 but also gives an indication of trends in April. The growth rate in rents was slowing pre COVID-19 and this trend has continued. The...

Flutter Entertainment

TSG acquisition to complete on May 5th

Following the receipt of all remaining shareholder and regulatory approvals, Flutter Entertainment’s (Flutter) acquisition of The Stars Group (TSG) will complete on Tuesday May 5th (new...

Flutter Entertainment

Accelerating momentum pre disruption

Flutter Entertainment’s (Flutter) Q1 update confirms that COVID-19 has disrupted a very strong start to the year – revenues until March 15th increased by 29% year-on-year (yoy),...

Irish economy

Irish economy well-armed to defend COVID-19 stresses

COVID-19 presents significant challenges, but Ireland’s economy should prove to be far more resilient relative to the rest of Europe than it did in the last downturn. This is due to the...

Dalata Hotel Group

Extraordinary measures for extraordinary times

Dalata recently published its annual report online. We have reviewed this and attempted to break down what we believe to be the cash cost of running the business at present. The...