888 Holdings releases 2022 financial report

888 Holdings releases 2022 financial report

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888 Holdings releases 2022 financial report

888 Holdings has recently released its financial analysis for the prior year, with the headline figures indicating a stable operating period.

Starting off with the important statistics, the firm’s performance was quite close to its previously published expectations. It saw an increase in revenue of over 70%, with the final figure being recorded at over 1.2 billion Pounds at the end of the year. The company’s EBITDA grew by a slightly higher percentage of over 80% and ended up at just under 218 million Pounds.

888’s adjusted revenue, however, remained largely the same at a decrease of just 3% to 1.85 billion Pounds, while its adjusted EBITDA was recorded at just over 310 million Pounds in the year. This led to a more significant, though still small year-over-year decline in the corporation’s adjusted profits before taxes, which went down from just over 89 million Pounds to 80.5 million Pounds in the period.

Additionally, in the document, the company also covered a part of its financial performance in the first quarter of 2023, which further highlighted a stable trajectory for the firm’s adjusted revenue. It declined by only 5% to 446 million Pounds and the company reported that the EBITDA figure is expected to perform strongly as well.

Apart from the figures, the company also covered a few noteworthy topics, such as its strong retail performance so far in the year and its ongoing search for a new Chief Executive Officer, which is moving forward rapidly with Lord Mendelsohn being at the helm of the firm as the interim Executive Chairman.

Moreover, the firm also mentioned that it recently finalized its internal investigation involving shortcomings in several of its standardized practices in the Middle Eastern region, which was launched at the same time as previous CEO Itai Pazner’s departure from the company. 888 stated that it has implemented new and reinforced policies and procedures to start accepting players from the region in the near future.

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