888 Holdings experienced a remarkably robust initial six months of 2023, generating overall earnings of £881.6 million. This signifies a substantial 165% surge in contrast to the corresponding period in 2022, exceeding even their pre-COVID revenue figures of 2019.
The firm’s commendable performance stemmed from expansion across all its operational sectors, with the UK and Ireland branch witnessing a particularly noteworthy 208% revenue upswing.
This impressive revenue escalation translated into a considerable rise in profitability, as gross profit hit £590 million and adjusted EBITDA climbed by 9% to £155.6 million.
These outcomes highlight the efficacy of 888’s strategic approach and its capacity to leverage positive market dynamics. The company is favorably situated for sustained expansion throughout the latter half of the year and into the future.
The gaming giant, 888 Holdings, has experienced a surge in recent times, with their modified earnings before interest, taxes, depreciation, and amortization (EBITDA) demonstrating consistent growth over the preceding two years. In the initial six months of 2023, they surpassed their 2022 results, securing a substantial £155.6 million in EBITDA, a stark contrast to the modest £50 million from the previous year. This upward trajectory is even more remarkable when considering their adjusted EBITDA for the first half of 2020 was a mere £1 million.
Lord Mendelsohn, the Executive Chair of 888, expressed his delight with the company’s accomplishments. He confidently declared that they not only fulfilled their commitments to stakeholders but also skillfully navigated a challenging environment of operational, market-related, and regulatory obstacles.
However, the picture is not entirely rosy. Although 888’s pre-tax profit for the first half of 2023 reached £11.8 million, this signifies a considerable decline compared to the £31.9 million achieved during the corresponding period last year. This figure also appears insignificant when juxtaposed with the notable sums of £75.2 million and £50.4 million registered in the first half of 2021 and 2020, respectively.
888’s share price has been volatile since the start of the year, witnessing both peaks and troughs. It reached a zenith of £1.23 on June 16th but has since stabilized at a slightly reduced level.
On an encouraging note, 888 has successfully trimmed its net debt, which stood at £166 million at the close of the first half of 2023. This represents a minor improvement compared to the £173 million debt recorded during the same timeframe in 2022.
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