Flutter Entertainment Plc ( FLUT ) shares are trading higher in the premarket session on Tuesday.

The company reported revenue for the fiscal year ended December 31, 2023, of $11.79 billion, up 24.6% year over year, thanks to 20.3% growth year over year in average monthly players.

Flutter Entertainment ( FLUT ) reported further Adjusted EBITDA of $1.874 billion, jumping 45.4% year over year.

Further adjusted EBITDA margin in FY23 was 15.9%, expanding 230 basis points year over year.

“As anticipated, our number one position in the US has transformed the Group’s earnings profile during 2023 as FanDuel delivered a positive US full year Adjusted EBITDA for the first time,” Peter Jackson, CEO, commented.

Product innovation helped add 3.7 million new customers at attractive projected payback periods.

Adjusted earnings per share in FY23 was $3.51, up 25.8% year over year.

Strong UKI performance added two percentage points of GGR market share to 30% in FY23.

Record Super Bowl engagement contributed to U.S. revenue growth of 55.6% for the period from January 1, 2024 to March 17, 2024.

“We believe that our strategy and competitive advantages position us well to continue to grow the business through both organic and inorganic opportunities,” Jackson added.

Outlook: Flutter Entertainment ( FLUT ) introduced FY24 guidance with implied group revenue growth of 17.5% and further adjusted EBITDA growth of 30.2% at midpoint.

The company sees U.S. revenue of $5.8 billion to $6.2 billion, +36.3% year on year at midpoint.

The company’s medium-term leverage ratio target has been updated to 2-2.5x (from the previous target of 1-2x) to reflect group earnings and cashflow potential.

FLUT stock has gained over 26% in the past year.

Read Next: Disney Slams Activist Peltz’s ‘All-Black Cast’ Critique: ‘This is Exactly Why He Shouldn’t Be Near A Creatively Driven Company’

Price Action: FLUT shares are trading higher by 2.7% to $222.85 premarket on the last check Tuesday.