888 Holdings reports 165% revenue increase in H1
During the first half of the year, 888 Holdings experienced a 165% revenue increase.
The key driver behind the operator’s sizable revenue jump, which reached 881.6 million pounds in the period, was its acquisition of William Hill. The purchase was finalized at the beginning of July last year and skewed 888’s H1 2022 results significantly due to its magnitude. This also affected the firm’s EBITDA figure, which experienced an even larger increase of more than 200%, going from about 50 million pounds last year to 156 million pounds in 2023.
In contrast to these increases, 888’s profits before taxes went into the negatives at a loss of 32 million pounds, which the firm attributed to increased amortization and interest costs. The company’s adjusted profits before taxes were still in the positive at just under 12 million pounds, however, the figure was down by more than 60% in comparison to last year’s performance.
The company also mentioned a few of its strategic highlights in the period, with one of its top priorities being its expansion in a number of key markets around the world. The firm’s operations in Spain and Italy experienced healthy growth in the period, while its African subsidiary, which was launched in March of last year and entered its markets in October, surpassed a million users in the continent across four separate jurisdictions.