888 Holding’s 2022 Financial Result Show Significant Growth
888 Holdings, the international gambling operator, has published its 2022 financial results. It is the set of results released since Itai Pazner departed as chief executive and the company acquired William Hill.
888 Holdings reported revenue of £1.39 billion, up 74% from the previous year. EBITDA was up 29% from £90 million to £116 million. While there was a 3% drop in pro forma revenue, which was £1.85 billion in 2022 and £1.9 billion in 201, the forma adjusted EBITDA was up 15% to £311 million in 2022.
The company also saw a reduction in its debts, from £110 million to £68 million, and the profit margin grew from 12.6% to 14.3%.
There was revenue of £256 million from retail, and the UK online operation brought in £456 million in revenue with pro forma revenue of £717 million. The international online operations had revenue of £508 million and pro forma revenue of £614 million.
Across the leadership team, we have a completely clear focus on what we must deliver in terms of our integration and deleveraging. We are relentless in our pursuit of unlocking the huge potential of this combination. As a newly combined business, we have significant scope for improving our operating model and delivering efficiencies.
Over the next two years, we plan to fully integrate our business, creating a bigger, stronger, and better organization with higher profit margins. We are focused on building a customer-led business with a portfolio of world-class brands that provide complementary offerings, supporting our ambitions to drive market share growth in some of the most attractive betting and gaming markets in the world. This will be enabled by a scalable, unified proprietary technology stack that will underpin our product and content leadership focus.