888 Reports H1-23 After Tax Loss Despite Revenue Jump of 165% Year-over-Year
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888 Reports H1-23 After Tax Loss Despite Revenue Jump of 165% Year-over-Year

Growth driven by William Hill acquisition

888 Reports H1-23 After Tax Loss Despite Revenue Jump of 165% Year-over-Year - Tuesday, August 15th, 2023 9:20
888 holdings

888 Holdings has released its latest revenue report revealing that reported revenue for the first half of 2023 grew by 165% to £882 million ($1.12 billion/€1.02 billion).

888 Reports H1-23 After Tax Loss Despite Revenue Jump of 165% Year-over-Year.

However, despite the overall growth in revenues, the group reported an after tax loss of £33 million ($41.9 million/€38.3 million) for the period.

Highlights of 888 H1-23 report

  • Reported loss after tax — £33 million ($41.9 million/€38.3 million) in H1-23 (profit after tax £12 million ($15.2 million/€13.9 million) in H1-22)
  • Pro forma Group revenue -7%
  • 95% of Q2-23 revenue derived from locally regulated or taxed markets
  • Pro forma Group Adjusted EBITDA +9%
    • 888 Reports H1-23 After Tax Loss Despite Revenue Jump of 165% Year-over-Year
  • £66 million ($83.8 million/€76.7 million) of cash synergies delivered in H1-23 — £150 million ($190.5 million/€174.4 million) target benefit now expected to be achieved in 2024
    • 888 Reports H1-23 After Tax Loss Despite Revenue Jump of 165% Year-over-Year
  • Cash (net of customer balances) increasing by £11 million ($13.9 million/€12.7 million) since 31st December 2022 to £188 million ($238.8 million/€218.5 million) at 30 June 2023.
  • Total liquidity of over £300 million ($381 million/€348.7 million)
888 Reports H1-23 After Tax Loss Despite Revenue Jump of 165% Year-over-Year

“I am very pleased with the progress we have made in the first half of the year as the Group delivered against the plans we committed to at our investor day last year, while also successfully navigating business, market and regulatory volatility. We made very strong progress with the execution of our integration plan and we now expect to realise the full £150m of synergies in 2024, a year earlier than the original plan.

888 Reports H1-23 After Tax Loss Despite Revenue Jump of 165% Year-over-Year
Ciaran McEneaney

Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.