888 Holdings full revenue growth stats from the latest 2022 financial report – shares, revenue, and Adjusted EBITDA increase! (Image by Darwin Laganzon from Pixabay)
888 Holdings experienced mixed results for the 2022 financial year with rising revenues and EBITDA thanks to positive land-based business results, while a net loss of over £120 million and growing debt pose challenges ahead!
The latest 2022 financial year report helped to increase the stock prices. The triple whammy gives a glimmer of hope to investors. The sentiment now seem to be that the London Stock Exchange-listed company has overcome scandals involving high-rolling Middle East punters and a record £19 million fine for historic customer safety failings. An internal investigation into the matter is now over, and 888 has implemented robust policies and procedures to address the issues.
On top of this, 888 Holdings reported that it expects no further impact from the scandal and plans to recover 40-50% of the affected revenue, totalling £25 million to £30 million in 2023. Plus, with the appointment of chief risk officer Harinder Gill, 888 is focusing on compliance and safer gambling to avoid any future fiascos.
There is still one snag, and that is the growing debt mounting up from the purchase of the William Hill brand. However, consistent with the 888 Holdings Q4 Revenue Review it is the retail side of 888 Holding’s revenue that contributed the most. In that report, the company reported revenue from its land-based operations was up +4.8% to £ 131 million, while online gambling revenue took a 5.5% hit moving down to £ 326 million.
Debt Situation: Currently the debt from the William Hill acquisition is at £1.8 billion. Add regulatory fines, global inflation rises, and low GDP growth, and there is still a long way to go.
888 Holdings 2022 Revenue Report Highlights
One of the keys to improving the next financial report is a strategy to add sustainable growth to control the company’s debt situation. The target is 3.5x adjusted net debt to EBITDA. Let’s hope this time the company is now through the worst of its problems.
- £120 million net loss
- +82% Adjusted EBITDA Year-on-Year to £ 217.9 million
- +74% Revenue Rise Year-on-Year to £ 1.2 billion
- -3% Pro-Forma Revenue Decrease to £ 1.85 billion
- Debt is at £1.8 billion – reduction is planned
- Share price down -14.19% since the 2023 market open
Despite the glaring debt issue, 888 stocks shot up from 62.50 GBX to 75.00 GBX once the 2022 financial report hit its website’s investor area. The rise in share price has since eased off slightly to close the day at 72.59 GBX (73 pence per share).
It is good news for shareholders, but still a long way off its 2023 market opening of 84.60 GBX and way down on its 457.99 high back in September 2021, which marked the beginning of a steady fall.
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Strengthening Compliance and Safer Gambling Initiatives
To add fuel to the positivity shining on the latest financial report, the company has a five-priority strategy in place to bring revenues up to £2 billion by 2025. The strategy includes focusing on integration, market development, and maintaining a competitive advantage across all jurisdictions.
Remaining realistic is the key as there are still challenges from the acquisition of William Hill. That said, the company’s leadership remains optimistic about growth projections. Plus, even I am confident that the reverse take-over of the WH brand was a positive move.
888 Stock Prices: Check out the latest iGaming share prices report to see how 888 is performing on the London Stock Exchange. Plus, you can catch up on gambling company stock prices for other London Stock Exchange companies Playtech and Entain.
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