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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

by - 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).

The company’s H1-23 report also reveals that the group’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 211% to £156 million ($198.2 million/€181.4 million). 888 has attributed this growth to the company’s acquisition of William Hill.

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

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

Our strong cash discipline and higher profits also enabled a 0.5x reduction in our leverage. We have successfully delivered against our focused market strategy, changing the mix of our revenue and creating a more profitable and sustainable platform for future growth. I was thrilled to be able to announce the appointment of Per Widerström as our next CEO. Over the coming weeks I will be working closely with Per to ensure a smooth handover and I am highly confident in his ability to lead the team to realise the full potential of this business. The strategic progress made during the year to date has created a fundamentally stronger business with higher profit margins and we remain on track to deliver against expectations for the full 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.