888 sees 10% drop in revenue, but maintain positive outlook

888 sees 10% drop in revenue, but maintain positive outlook

888 sees 10% drop in revenue, but maintain positive outlook
888 Holdings’ third-quarter trading update is in, and the results are largely aligned with analyst expectations and the company’s own predictions about a slight decline in revenue, impacted by several verticals. The company reported £405.0m for the three-month period ended on September 28, 2023, and confirmed that it was 10% down on year-over-year basis. The official press statement by the company called these results consistent with projections and expectations but assured that it has already commenced a strategic execution of improvements that should ensure the quality and sustainability of the business. The outlook remains positive, as the company has been able to put at least one worry behind it with the appointment of Per Widerström of its new Chief Executive Officer and ending its search for a top-ranking executive. 888 went on to outline its performance across several areas, including the United Kingdom and Ireland, where online revenue dropped by 10% because of the shift towards a safer and more responsible gambling regulatory framework. On the plus side, the company saw a 17% uptick in its average monthly activities, indicating that it has been striking home with players and penetrating the markets well. Widerström commented on these results and was excited to be joining in the company in his CEO position. He said that he has dedicated his full time and attention to steering the company in the right direction. Widerström remained optimistic about the future of the company and said that 888 Holdings has done very well in the face of regulatory changes to which it has adapted. Overall, the executive remains optimistic about the future: “This is a business with a very strong foundation for profitable growth. But there are clearly also several areas for improvement which we will focus on to unlock our full potential and drive value creation.” Interestingly, the group’s results in retail improved, posting a 1% gain year-over-year. International business was also impacted for the company as compliance challenges arose in foreign and overseas markets, but nothing that 888 Holdings fear would have a lasting impact. As Widerström commented, the group is confident that it’s in a good position to expand its reach. The company has already delivered on several interesting accomplishments during the quarter that will further set it up for lasting success, including the integration of its in-house studio’s games, Section8, into William Hill. There has also been a shift towards stronger synergies that should lead to cost reduction. Until the next trading update, we won’t know the full extent and effectiveness of these changes. Image credit: Unsplash.com

19 OCT 2023

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