- Entain names interim CEO Stella David as its permanent boss
- Coral owner posts ‘better than expected’ first quarter
Ladbrokes owner Entain has confirmed interim boss Stella David as its permanent chief executive alongside an upbeat trading update for the first quarter.
David, previously non-executive chair, was named interim CEO in February after her predecessor Gavin Isaacs departed the gambling giant after barely five months in the job.
Broker Peel Hunt described David as a ‘safe pair of hands’, while Shore Capital said her appointment ‘hopefully puts an end to the executive merry-go-round’ after Isaac’s predecessor, Jette Nygaard-Andersen, held the top job for just two years.
Current chair Pierre Bouchut said David has ‘played a pivotal role in shaping, implementing and executing’ Entain’s strategy, adding that she is ‘highly regarded by our stakeholders’ and her appointment ‘provides consistency and stability’.
It came as Entain posted a ‘better than expected’ first quarter, with total group net gaming revenue up 11 per cent on a constant currency basis thanks to a ‘strong’ online performance.
The group reiterated expectation of mid-single-digit constant currency growth in online NGR for the year.
Safe pair of hands: Stella David confirmed as Entain CEO
It follows a tumultuous few years for Entain, which also owns the Coral and PartyPoker brands.
The group has been weighed down by investment in US growth, with Entain suffering consecutive years of losses in its BetMGM joint venture as it combats strong competition.
Entain has also faced regulatory headwinds after receiving multi-million pound fines in territories all over the world, including Australia, Turkey and Britain, amid scrutiny of its anti-money laundering controls and accusations of bribery.
David said: ‘We have made a strong start to 2025. Our improving operational execution saw us exit 2024 with clear momentum which has continued in Q1.
‘Entain’s portfolio of podium positions in attractive and regulated growth markets underpins the structural growth embedded in our business.’
Entain shares were up 3 per cent to 647.2p in early trading. They have lost roughly 70 per cent since their September 2021 peak.
Shore Capital Markets analyst Greg Johnson, who holds a ‘buy’ rating on Entain shares with a target price of XXp, wrote in a note: ‘Entain has issued what we would see as a very encouraging update, with Q1 NGR trends continuing to trade comfortably above full year guidance, with the standout being the UK.
‘Guidance remains unchanged (although FX will weigh at current levels), but we see the update as highly supportive especially when set against the current continued low valuation.’
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This article was originally published by a www.dailymail.co.uk . Read the Original article here. .