Business
Half Year Results
Half Year Results.
About this update from Evoke Plc
[{"type":"text","content":"\n\n \n \n15 August 2023\n\n \n888 Holdings Plc\n(\"888\" or \"the Group\")\n \nHalf year results for the six months ending 30 June 2023\nStrong execution of strategy with accelerated synergy delivery, pro forma Adjusted EBITDA +9%, leverage reduced by 0.5x, and on track for full year guidance\n \n888 (LSE: 888), one of the world's leading betting and gaming companies with internationally renowned brands including William Hill, 888 and Mr Green, today announces its financial results for the six months ended 30 June 2023 (\"H1-23\" or the \"Period\").\nKEY HIGHLIGHTS\n· Reported Group revenue +165% to £882m, and Adjusted EBITDA1 +211% to £156m due to acquisition of William Hill\n· Reported loss after tax of £33m in H1-23 compared to profit after tax of £12m in H1-22, driven by increased interest costs together with amortisation of acquired intangibles and certain one-off costs related to the acquisition\n· Pro forma Group revenue -7%, driven by compliance changes in dotcom markets together with refined marketing approach and market focus. Proactively shifted the business mix and improved sustainability, leading to 95% of Q2 2023 revenue being derived from locally regulated or taxed markets\n· Pro forma Group Adjusted EBITDA +9%, with pro forma Adjusted EBITDA margin +2.6ppts to 17.7%, benefitting from execution of synergies and focused strategy\n· Accelerated synergy delivery with £66m of cash synergies delivered in H1-23 and full £150m target benefit now expected to be achieved in 2024 (a year earlier than prior expectations)\n· Net debt reduced by £68m to £1,660m, with cash (net of customer balances) increasing by £11m since 31 December 2022 to £188m at 30 June 2023. Leverage reduced from 5.6x at Dec-22 to 5.1x at Jun-23. Undrawn £150m RCF gives total liquidity of over £300m\n· FY23 Adjusted EBITDA is expected to be significantly higher year on year on a pro forma basis, with an Adjusted EBITDA margin of at least 20% for the full year (2022: 16.8%), and year end leverage of slightly below 5x\n· Post Period end, appointed Per Widerström as CEO with effect from 16 October 2023. Per is a proven leader with extensive industry experience and a strong track reco...