888 posts £1.85bn in FY22 revenue, down 3% year-on-year

888 has reported revenue of £1.85bn ($2.26bn) for the 12 months ending 31 December 2022, a 3% decline from the prior-year period.

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In conjunction with the news, the operator's CFO will leave the company. The group, which incorporates brands such as William Hill, Mr Green and SI Sportsbook, stated that the total was in-line with guidance.

Online revenue for the period declined by 15% year-on-year to £1.33bn, with revenues impacted by proactive enhanced player safety measures within the UK Online segment and the closure of the Netherlands.

Retail revenues grew 54% year-on-year to £519m, which reflects a full year of trading in 2022 relative to partial closures during the first half of 2021.

888 also shared Q4 2022 details, with revenue of £458m in-line with board expectations, but down 3% from the prior-year period. Retail revenues of £131m were up 5% from Q4 2021 as the group’s retail estate “continues to perform strongly.”

Online revenues for Q4 2022 were down 5% year-on-year to £326m, with 888 noting that strong performances across a number of regulated countries were offset by the impact of proactive enhanced player safety measures within the UK online segment.

Commenting on the financial results, 888 CEO Itai Pazner said: “During the fourth quarter of 2022 our teams continued to make rapid progress in integrating these two highly complementary businesses, and have started the process to migrate Mr Green to our proprietary global tech stack, as we execute against our strategic roadmap that we outlined at our recent capital markets day.

“Revenues during the fourth quarter saw continued strong trading in retail, and a robust performance online. As previously discussed, we continue to see pressure on our UK online revenues from regulatory change including the ongoing impact of the enhanced player safety measures, but I am confident we are building a sustainable leading business for the future.”

888 has also announced a directorate change, with Yariv Dafna set to step down from his role as CFO and as an Executive Director on 31 March 2023. The board has already commenced a search to identify his successor.

Commenting on the board change, Pazner noted: “The board and I would like to thank Yariv for the contribution he has made to 888 including playing a crucial role in the completion of our transformational combination with William Hill and leading the recent successful financing of 888’s external debt. 

“On behalf of everyone at 888, I wish him the very best in his future endeavours.”

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