The leading betting and gaming company that consists of multiple globally-recognized brands, including Mr Green, 888 and William Hill, 888 released its latest financial update, revealing details regarding its performance for the six months ending June 30, 2023. Judging by the unaudited figures, 888’s group revenue hit £881.6 million ($1.12 billion). This result, when compared to the same period in 2022, marked an increase of 165%, considering that the revenue in H1 2022 halted at £332.1 million ($422 million). The latest figures, the company explains, come as a result of the acquisition of William Hill. Last year in July, 888 finalized the acquisition of William Hill’s non-US business.
Similarly, strong growth was observed in adjusted EBITDA for H1 2023. Overall, adjusted EBITDA for the period hit £155.6 million ($197.7 million), representing an increase of 211% when compared to the £50.0 million ($63.5 million) result from the corresponding period in 2022.
In contrast to the positive results, the adjusted profit before tax in H1 2023 marked a decrease. In total, 888’s adjusted profit before tax for the latest trading period was £11.8 million ($15 million), down by 63% when compared to the £31.9 million ($40.5 million) result from H1 last year.
Earlier this year, the company saw multiple changes in its senior leadership team with its CEO, Itai Panzer’s departure dating to January. Then, in April, 888 Holdings’ SVP head of B2C, Shai Tabibian, announced its plans to part ways with the company.
Within the most recent trading period, back in July, another senior-level member confirmed his plans to depart from 888. After spending more than a decade with the company, Yariv Lavi said last month that he plans to leave it.
The Company’s Executive Chair Is Pleased with the Latest Results
More recently, Per Widerström confirmed his decision to become a part of the helm at 888 Holdings. Stepping down from Catena Media, he is expected to join the company starting on October 16, 2023.
Lord Mendelsohn, 888’s executive chair, commented on the latest results, revealing that he is pleased with the strategic objectives and progress of the company for the first half of 2023.
“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.“
Lord Mendelsohn, executive chair of 888
He explained that 888 continued to execute strategic objectives and anticipates the realization of £150 million ($190.6 million) in synergies at some point in 2024. The realization of those synergies comes one year ahead of the initial predictions, explains Lord Mendelsohn.
He spoke about the appointment of Widerström as CEO, explaining that this marks an exciting moment for the company. Finally, Lord Mendelsohn pointed out that he will collaborate in the upcoming months with the new CEO, to ensure a smooth transition and see 888 continue to grow by accomplishing strategic objectives.