Gambling and entertainment firm, 888 Holdings, has provided a performance update.
During the year ending February 2022, 888 generated £690 million (approximately $8.4 billion) in income, with modified earnings before interest, taxes, depreciation, and amortization (EBITDA) reaching £109 million. This timeframe excludes the William Hill acquisition, which contributed an extra £1.36 billion in income and £238 million in modified EBITDA over the 52 weeks preceding February 22, 2022.
The business highlighted both favorable and unfavorable elements influencing its results. The resumption of physical venues and robust outcomes in various regulated territories were advantageous, but these were counterbalanced by the Netherlands barring gambling providers and the consequences of enhanced responsible gaming protocols enacted in the UK.
Moving forward, 888 projects income ranging from £330 million to £335 million for the half-year concluding in June 2022. This aligns with projections and incorporates the effects of the previously mentioned obstacles.
For the 26 weeks ending June 28, 2022, William Hill is forecasted to produce between £620 million and £630 million in income. This considers the reopening of physical sites, counteracted by the influence of heightened responsible gaming regulations within the UK’s online sector and modifications to several global online sectors.
In a separate declaration, 888 expressed its aim to secure £1 billion via a share offering.
The firm is burdened with a massive €20.2 billion debt load, largely backed by its holdings. This encompasses numerous loans and bonds slated for maturity over the coming years. Among the most substantial are a dollar-denominated term loan due in 2028, a euro-denominated fixed-rate bond issue maturing in 2027, and an additional set of euro-denominated floating-rate bonds reaching maturity in 2028.