888, one of the world's leading online betting and gaming companies, has announced a current trading update and provided further detail on its financial performance for the year ended February 2022.
In connection with its proposed intention to market senior secured indebtedness through 888 Acquisitions, a wholly-owned subsidiary of the company, the group has issued updated pro forma financial information for the 12 months to February 2022 as part of the offering memorandum.
888 generated revenue of £690m and adjusted EBITDA of £109m for the 12 months ending February 28, 2022. The international (non-US) business of William Hill generated revenue of £1.36bn and adjusted EBITDA of £238m for the year
The performance of both businesses largely reflects a continuation of the trends outlined in the April prospectus, with the positive impact of retail reopening and strong performances across a number of regulated countries being offset by the closure of the Netherlands and the impact of additional safer gambling measures within the UK online segments of both businesses.
888 currently expects to report revenue of between £330m and £335m for the six months ended June 30, 2022. This result is broadly in line with board 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 half year ended June 2022 is currently expected to be between £620m and £630m. This performance reflects the reopening of retail operations, offset by the impact of increased safer gambling measures in UK online and certain market adjustments or exits.