888 Holdings posts 5% revenue drop

Finance News

888 Holdings PLC said Friday that pretax profit fell for 2022, but that adjusted earnings rose following its combination with William Hill.

The London-listed online betting-and-gaming company posted a pretax loss of 115.7 million pounds ($144.9 million) compared with a pretax profit of GBP59.0 million a year earlier.

Adjusted earnings before interest, taxes, depreciation and amortization–which strips out exceptional and other one-off items–was GBP217.9 million compared with GBP119.7 million in 2021.

Revenue was GBP1.24 billion compared with GBP712.3 million in 2021.

Lord Mendelsohn, Executive Chair of 888, commented:”The combination with William Hill transformed the Group and brought together two exceptional and complementary businesses to create one of the world’s leading betting and gaming businesses.

The Group’s financial performance in the period primarily reflected the extensive actions being taken to drive higher standards of player protection. While recent compliance issues in the Middle East were very disappointing, they have underlined the importance of our enhanced and proactive risk management framework.

We have made positive progress with the integration enabling us to upgrade our synergy target from £100m to £150m. In 2023 we remain on track to deliver higher profitability as we deliver against our clear strategic priorities. Our clear priorities of integration, market focus, and deleveraging give us confidence in our 2025 targets, as we build a stronger and more sustainable business for the future.”