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888 reports £1.7bn in 2023 revenue – but is looking to change its name...

Updated:2024-04-01 08:29    Views:66

888 Holdings has disclosed its financial results for the fiscal year ending 31 December 2023. The reported revenue for FY23 amounted to £1.71bn ($2.16bn), indicating an increase of 38% compared to the previous fiscal year.

This revenue growth is attributed to the completion of the acquisition of William Hill early in 2023, meaning pro forma revenue was down 8%.

However, the operator has also announced a 'Value Creation Plan' and will be looking to change its name.

888 CEO Per Widerström said: "The consumer brands remain as strong as ever, but to reflect the fact that this is a new company on a new journey, we are proposing to change the name of the Group to evoke plc. This will be subject to shareholder approval at our upcoming 2024 AGM."

Results wise, adjusted EBITDA experienced growth, rising by 41% to £308.3m. However, despite the revenue and EBITDA growth, the company's adjusted profit after tax declined by 25% to £48.1m.

Additionally,bingo card 888 reported a net loss of £56.4m for FY23, an improvement from the net loss of £120.6m reported in FY22. 

Earnings per share (EPS) witnessed a decline of 29%, reflecting the company's net profit decrease. 

The operator's trading update for the fourth quarter of 2023 revealed a 7% year-on-year decrease in revenue to £424m but a 5% increase from the previous quarter. Full-year revenue for FY23 witnessed an 8% annual decline, with approximately 95% originating from regulated and taxed markets.

Recently, 888 successfully concluded a review of its operating licences by the Gambling Commission without penalties, following the company's efforts to address regulatory concerns.

Furthermore, the company announced a strategic review of its US business operations, considering options such as the sale or partial sale of its B2C business in the region due to challenges posed by intense competition and high operating costs.