888 Post Increased Revenues But Profits Fall

888 will look to keep the retail business

888 announced its half yearly results today showing revenues up a huge 165% following the acquisition of William Hill now fully in-line with the betting giants results after the purchase of the company in July last year for £2 billion.

But that acquisition hit the 888’s bottom line still showing a loss of £32.5 million compared to a profit of £12 million in the same period last year, this was down to higher interest costs and what 888 said were “certain one-off costs” from the acquisition.

The gambling giant said it had paid off £68 million of its debt pile to now at £1.66 billion.

With the latest announcement the company said it now expects to reach their target of £150 million of synergies a year early in 2024.

Executive chair of 888 Lord Mandelson said, “the company successfully” navigated business, market and regulatory volatility and “made very strong progress with the execution of our integration plan”.

“We now expect to realise the full £150m of synergies in 2024, a year earlier than the original plan.”

“We have successfully delivered against our focused market strategy, changing the mix of our revenue and creating a more profitable and sustainable platform for future growth,” he added.

Online gambling business saw a rise of 10% in active users but a fall of 9% in revenues over the period which 888 said was down to new player safety measures introduced by the UK government White Paper in April this year.

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888 Post Increased Revenues But Profits Fall
Source: Trend Philippines News