888 Holdings has released its H1 2023 results, showcasing a remarkable performance with total revenue of £881.6 million. This figure represents an impressive 165% increase compared to H1 2022 and even surpasses the pre-Covid figure of £811 million from 2019.
Revenue Growth:
In H1 2023, 888 achieved a revenue of £881.6 million, marking a substantial 165% increase over H1 2022.
This robust performance outpaced the company’s 2019 pre-Covid revenue of £811 million, reflecting the company’s resilience and growth.
Segment Breakdown:
The UK & Ireland division contributed significantly to 888’s revenue, generating £335.9 million, a remarkable 208% increase compared to H1 2022.
The international arm of 888 also performed strongly, posting £266.3 million in revenue, representing a 31% increase year-on-year.
Overall, the UK accounted for £615.3 million of the total revenue of £881.6 million.
Gross Profit and EBITDA:
888 reported a gross profit of £590 million for H1 2023, a substantial increase from the £215.9 million recorded in H1 2022.
Adjusted EBITDA for H1 2023 stood at £155.6 million, showing a steady 9% growth compared to H1 2022’s £142.5 million.
888’s full EBITDA for H1 2023, £155.6 million, demonstrated remarkable growth, especially when compared to H1 2022’s £50 million.
Profit Before Tax:
H1 2023 saw an adjusted profit before tax of £11.8 million, representing a decline of 63% from the £31.9 million in H1 2022.
However, these figures fall short when compared to the robust adjusted profit before tax of £75.2 million in H1 2021 and £50.4 million in H1 2020.
Share Price Performance:
888’s share price experienced fluctuations in 2023, starting the year at £0.88, rising to a high of £1.23 on June 16, and currently standing at £1.05.
Net Debt:
888 Holdings reported a net debt of £1.66 billion for H1 2023, showing a decrease from H1 2022’s £1.73 billion.
888 Holdings’ H1 2023 results reflect a robust performance, with remarkable revenue growth and improved profitability. Despite some fluctuations in share price, the company remains on a trajectory of growth and financial strength, underscoring its resilience and strategic focus in a dynamic market.