888 Holdings publishes trading update

By Peter Lynch

888 Holdings has provided a current trading update, as well as financial details for the 12 months to February 2022.

888 generated revenue of £690m ($840.8m) for the 12 months ending 28 February 2022, with Adjusted EBITDA amounting to £109m. And for the 52 weeks ending 22 February 2022, the international business of William Hill generated revenue of £1.36bn and Adjusted EBITDA of £238m.

As noted by 888, the businesses were positively impacted by retail reopening and strong performances across several regulated countries, offset by the closure of the Netherlands and the impact of additional safer gambling measures within the UK Online segments of both businesses.

888 added that it expects to report revenue of £330-335m for the six months ended June 2022, which is broadly in line with expectations, “with growth in certain European markets offset by the impact of additional safer gambling measures as well as the temporary exit from the Netherlands.”

William Hill revenue for the 26 weeks ended 28 June 2022 is expected to be £620-630m, which reflects the reopening of retail operations, “offset by the impact of increased safer gambling measures in UK Online, and certain market adjustments or exits within International Online such as the Netherlands.”

In a separate announcement, 888 also noted its intention - through 888 Acquisitions Limited and 888 Acquisitions LLC - to market £1.02bn aggregate principal amount of senior secured indebtedness. This comprises a US dollar-denominated term loan B facility maturing in 2028, and euro-denominated Senior Secured Fixed Rate Notes due 2027 and euro-denominated Senior Secured Floating Rate Notes due 2028.

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