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.
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%
- Pro forma Adjusted EBITDA margin +2.6ppts to 17.7%
- £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
- Net debt reduced by £68 million ($86.3 million/€79.06 million) to £1.66 billion ($2.1 billion/€1.9 billion)
- 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)
Speaking of the results, Lord Mendelsohn, Executive Chair of 888, commented:
“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.
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.“
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