888 Holdings reports higher annual profit

Finance News

888 Holdings retained its 2024 profit forecast on Tuesday after reporting a rise for last year, as higher marketing spend on gaming and betting businesses helped the company mitigate the impact of gambling safety measures.

The London-listed company reported adjusted core profit of 308.3 million pounds ($389.94 million) for full year 2023, compared with 217.9 million in 2022.

Per Widerström, CEO of 888, commented “It is incredibly exciting to announce our Value Creation Plan, our strategy for success, our new financial targets, and our new corporate identity. Today marks the beginning of an exciting new dawn for this business.

Having joined the company in October 2023 my conviction in the significant opportunity for the Group is stronger than ever. We have acted with pace, decisiveness and urgency to build a clear strategy to deliver success. These actions include significantly strengthening our executive leadership team and developing a new strategic framework and Value Creation Plan.

I firmly believe that the Group now has all the key ingredients for long-term success: leading positions in growing markets with high and rising barriers to entry; powerful proprietary technology; a top-class management team; and some of the strongest betting and gaming brands in the world.

We are now clear on what success looks like, we have the team and capabilities to deliver, and I am confident that the execution of our plan will deliver a high return on equity from sustainable profitable growth, enhanced by deleveraging.”