bet-at-home - Anticipating improving performance through FY20

Given the recent loss of revenue from Switzerland and the tough comparative of Q119, growth in Q120 was expected to be negative. The outbreak of COVID-19 and subsequent cancellation of many sporting events compounded the forecast negative growth rate. Comparatives become easier as the year progresses and management has acted quickly to reduce unnecessary costs, so the company’s guidance for FY20 has been reiterated. Our forecasts remain broadly unchanged. The prospective yield of 6.3%, which is well supported by cash, continues to look attractive.