Post Pazner, 888 Gives Thumbs Up To 2022 Financial Results
888 Holdings, one of the world’s leading betting and gaming companies, has released its 2022 financial results, the first since the defenestration of its long-serving chief executive Itai Pazner and onboarding of iconic British betting brand William Hill.
With reported revenue of £1.39 billion (US$1.54bn/€1.4bn)–a remarkable 74 percent increase from the previous year’s revenue of £712 million–, an EBITDA increase of 29 percent, from £90 million to £116 million, and the with more punters through the door, 888 is reporting significant growth and a strong financial performance.
Despite a three percent decrease in pro forma revenue, which was £1.85billion in 2022 and £1.9billion in 2021, forma adjusted EBITDA increased by 15 percent to £311 million in 2022.
The company’s debt level, meanwhile, decreased from £110 million to £68 million, while profit margin increased from 12.6 percent to 14.3 percent.
Retail generated a revenue of £256 million, while UK online captured £456 million in revenue, with a pro forma revenue of £717 million. International online operations had revenue of £508 million, with a pro forma revenue of £614 million.
“Across the leadership team we have completely clear focus on what we must deliver in terms of our integration, deleveraging, enthused 888 Executive Chair Lord Jonathan Mendelsohn. “We are relentless in our pursuit of unlocking the huge potential from this combination.”
Referring to 888’s recent acquisition of (non-US) William Hill, he continued: “As a newly combined business we have significant scope for improving our operating model and delivering efficiencies. Over the next two years we plan to fully integrate our business; creating a bigger, stronger and better organisation with higher profit margins.
“We are focused on building a customer-led business with a portfolio of world-class brands that provide complementary offerings, supporting our ambitions to drive market share growth in some of the most attractive betting and gaming markets in the world.
“This will be enabled by a scalable, unified proprietary technology stack that will underpin our product and content leadership focus.”
The full annual report can be found here.
