In recent news, 888 Holdings, the operator that encompasses well-known brands such as William Hill, Mr Green, and SI Sportsbook, has disclosed its financial results for 2022. While the company’s performance was in line with guidance, there were notable variations in online and retail revenues. Additionally, the CFO of 888 Holdings will be leaving the company, prompting a search for a suitable replacement.
Financial Results for 2022:
Online revenue for the period experienced a 15% year-on-year decline, amounting to £1.33 billion. The decrease can be attributed to proactive enhanced player safety measures implemented within the UK Online segment, as well as the closure of operations in the Netherlands. On the other hand, retail revenues showed a significant growth of 54% year-on-year, reaching £519 million. This impressive growth is primarily due to the full year of trading in 2022, as opposed to partial closures during the first half of 2021.
Detailed Q4 2022 Figures:
In the fourth quarter of 2022, 888 Holdings generated revenue of £458 million, aligning with the board’s expectations. However, this figure represents a slight decrease of 3% compared to the same period in the previous year. Retail revenues, on the other hand, witnessed a 5% increase from Q4 2021, amounting to £131 million. The strong performance of the group’s retail estate has contributed to this growth.
Online revenues for Q4 2022 experienced a 5% year-on-year decline, totaling £326 million. 888 Holdings highlighted that the impact of proactive enhanced player safety measures within the UK online segment offset the strong performances observed in several regulated countries.
CEO’s Perspective:
Itai Pazner, the CEO of 888 Holdings, expressed satisfaction with the company’s progress in integrating the acquired businesses and outlined their strategic roadmap during the fourth quarter of 2022. Despite facing regulatory changes and ongoing pressures on UK online revenues, Pazner remains confident in the company’s ability to build a sustainable leading business for the future.
CFO Departure and Successor Search:
In addition to the financial results, 888 Holdings announced a directorate change involving the departure of CFO Yariv Dafna. Effective from 31 March 2023, Dafna will step down from his role as CFO and as an Executive Director. The board has already initiated a search to identify a suitable successor for the position. Pazner acknowledged Dafna’s contributions to the company, including his instrumental role in completing the transformational combination with William Hill and successfully managing 888’s external debt financing.
Conclusion:
888 Holdings reported mixed financial results for 2022, with online revenues declining while retail revenues showed strong growth. The company continues to face challenges in its UK online segment due to regulatory changes and enhanced player safety measures. However, CEO Itai Pazner remains optimistic about the company’s strategic roadmap and the overall sustainability of the business. The departure of CFO Yariv Dafna marks a significant change in the company’s leadership, and the board is actively seeking a successor to continue driving 888 Holdings’ financial success in the future.