888 Holdings CFO to step down; Revenues fall 3%
By Frank Prenesti
Date: Friday 13 Jan 2023
(Sharecast News) - Gambling firm 888 Holdings said its chief financial officer was stepping down and reported a 3% fall in group revenues for 2022.
The William Hill owner on Friday said CFO Yariv Dafna would leave at the end of March. 888's online revenues fell 15% during the year as controls in the UK to protect gamblers took effect, although retail sales were up 54% across the year £519m. Total turnover fell £57m to £1.85bn as looser Covid-19 restrictions saw punters return to betting shops.
There was no explanation for Dafna's departure, other than a statement that his exit had been mutually agreed with the board.
During his time at 888, the Gibraltar-based firm completed the acquisition of William Hill from casino operator Caesars Entertainment, marking its first entry into the retail sports betting market.
"The outlook for 2023 is unchanged, with group revenues expected to be lower by a low single digit percentage, and an Adjusted EBITDA margin of at least 20%, with a strong focus on integration and execution of cost synergies during the year," 888 said.
Trading during the fourth quarter of 2022 was in-line with board expectations with fourth quarter revenue of £458m, 2% above the prior quarter, reflecting the positive impact of the additional days trading to align reporting periods.
888 was also been hit by the decision to temporarily shut its Netherlands operations ahead of new licensing changes and new player safety measures introduced in the UK last October which stipulated that online gambling advertisements in Britain must not be of 'strong' appeal to under-18s, meaning they cannot contain imagery, themes and characters widely recognised by children.
Reporting by Frank Prenesti for Sharecast.com
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