{"id":277,"date":"2024-06-28T09:34:16","date_gmt":"2024-06-28T06:34:16","guid":{"rendered":"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/888-holdings-reports-mixed-results-despite-brand-transformation\/"},"modified":"2024-06-28T09:34:16","modified_gmt":"2024-06-28T06:34:16","slug":"888-holdings-reports-mixed-results-despite-brand-transformation","status":"publish","type":"post","link":"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/888-holdings-reports-mixed-results-despite-brand-transformation\/","title":{"rendered":"888 Holdings Reports Mixed Results Despite Brand Transformation"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/RZzE8TABbvE\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>888 Holdings is in the midst of a significant brand transformation and is rolling out a new strategy, despite the company&#8217;s continued financial losses in the 2023 fiscal year.<\/p>\n<p>888 is planning a major brand overhaul, with revenue declining by 25% in fiscal year 2023.<br \/>\n888 Holdings reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of \u00a3308.3 million ($390.4 million\/\u20ac359.6 million) in fiscal year 2023, compared to \u00a3217.9 million in 2022.<\/p>\n<p>The company&#8217;s full-year revenue reached \u00a31.7 billion, an increase from \u00a31.24 billion in the previous year. The net loss amounted to \u00a356.4 million, compared to \u00a3120.5 million in 2022. Basic loss per share from ongoing operations was cut in half to \u00a30.126, compared to \u00a30.283 in 2022.<\/p>\n<p>888 2023 Earnings Summary<br \/>\nDespite the rise in revenue and adjusted earnings compared to 2022, adjusted post-tax profit dropped by 25% to \u00a348.1 million.<\/p>\n<p>Although the figures were &#8220;disappointing,&#8221; the company&#8217;s fiscal year 2023 performance aligned with the trading update announced in January 2024. At that time, the company declared a series of job cuts, stating that they would aid in achieving its long-term objectives. 888 did not specify which departments would be impacted.<\/p>\n<p>Overall, revenue of \u00a31.7 billion saw a 38% increase on a non-proportional basis compared to 2022. This was attributed to a positive shift in the on-demand market and adjustments to the UK customer base due to &#8220;additional gambling regulations.&#8221;<\/p>\n<p>Marketing expenses also experienced a significant decrease, falling nearly \u00a320 million year-over-year from \u00a3257 million. <\/p>\n<p>In the year 2023, 888 Holdings&#8217; earnings reached a total of \u00a3237.6 million, a considerable increase from the \u00a38 million recorded in the previous year.<\/p>\n<p>However, operating expenses experienced a significant rise, nearly doubling from \u00a3448.5 million in 2022 to \u00a3819.1 million in 2023. Despite this substantial difference, operating profit remained a positive aspect of the financial statement. Starting from a loss of \u00a34.8 million in 2022, the company reported an operating profit of \u00a333 million in 2023.<\/p>\n<p>The adjusted EBITDA margin for the 2023 fiscal year was 18.0%. This figure aligns with the previously stated range of 18%-19% in the January trading update. This also represents an increase of 1.2% compared to the 16.8% recorded in the 2022 fiscal year. 888 attributed this improvement to enhanced profitability and a focus on marketing expenditures with higher returns. The company stated that this offset the impact of changes in the online market.<\/p>\n<p>Cash reserves (excluding customer balances) stood at \u00a3128 million as of December 31, 2023. When combined with the \u00a3150 million undrawn revolving credit facility (RCF), the company&#8217;s total liquidity reached nearly \u00a3278 million.<\/p>\n<p>Net debt also experienced a slight decrease to \u00a31.7 billion. This reduction was partially attributed to favorable exchange rate fluctuations. Overall, this resulted in an adjusted net debt\/EBITDA ratio of 5.6 times, remaining stable year-over-year.<\/p>\n<p>Market Performance<\/p>\n<p>The UK and Ireland region continued to be the group&#8217;s primary source of revenue. Earnings in this region also saw a significant increase, rising from \u00a3455.5 million in 2022 to \u00a3658.5 million in 2023. Adjusted EBITDA also increased from \u00a361.6 million in 2022 to \u00a3152.3 million in 2023.<\/p>\n<p>It is important to note that the UK still accounts for 81.5% of adjusted EBITDA, even after the group&#8217;s challenges. <\/p>\n<p>The detrimental effects of the strategic modifications may already be apparent, hinting that the group&#8217;s performance in the UK could enhance next year.<\/p>\n<p>888 also aims to embrace a more sustainable approach in the UK market, which is achievable across the industry. This has resulted in a shift in the UK market revenue framework, with plans to target low-volume, high-margin leisure customers. Betting volume also decreased by 11.3%, but this was balanced by a rise in net win rate from 10.8% to 12.1%.<\/p>\n<p>Turning to its global operations, revenue also increased considerably in 2023 to \u00a3517.4 million, compared to \u00a3508.3 million in 2022. Despite the sector being affected by on-demand market compliance alterations, double-digit growth was still accomplished in Spain and Italy.<\/p>\n<p>According to the company&#8217;s earnings report, 888 may exit unprofitable markets or capitalize on assets through alternative operating models, such as local partnerships. As part of the decision to exit the US market, the company also wrote off \u00a328.1 million from its balance sheet, which was used to construct a new US-facing platform.<\/p>\n<p>Retail revenue also increased significantly in 2023 to \u00a3535 million. 888 attributed this to robust underlying performance, driven by enhanced product offerings through new investments. The operator stated this offset the impact of a 3% decline in property size during the year.<\/p>\n<p>**A New Era Commences**<br \/>\nIn an unexpected move, 888 is poised to rebrand as Evoke plc. <\/p>\n<p>The suggestion will be presented to stockholders for a vote at the upcoming stockholders&#8217; gathering on 888. 888 declared that this action will &#8220;more accurately reflect the strengths of the Group&#8217;s varied brand operating model.&#8221;<\/p>\n<p>888 revealed the rebranding suggestion in an earnings call earlier today, explaining it as part of a fresh strategy to enhance profitability.<\/p>\n<p>The announcement follows the appointment of new CEO Per Widerstr\u00f6m, who previously served as CEO of Central and Eastern European company Fortuna Entertainment Group for eight years. He left that position in 2022.<\/p>\n<p>Before that, Widerstr\u00f6m held executive positions at several operators over a 17-year career, including well-known brands like Bwin.party and Gala Coral Interactive.<\/p>\n<p>&#8220;It is exciting to announce our value creation plan, our successful strategy, our new financial targets and our new brand identity. Today marks the beginning of an exciting new era for the company,&#8221; said Widerstr\u00f6m.<\/p>\n<p>888&#8217;s &#8220;new strategic framework&#8221; will include &#8220;a clear vision of success and a strategy to achieve it.&#8221; This will be made up of six strategic initiatives, which may include a name change to Evoke.<\/p>\n<p>New &#8220;Value Creation Plan&#8221;<br \/>\nThe company also announced its new Value Creation Plan (VCP) this morning. Widerstr\u00f6m and the company&#8217;s senior management team will implement the plan to achieve a long-term &#8220;successful strategy.&#8221;<\/p>\n<p>As part of 888&#8217;s VCP, the group&#8217;s operating model has been &#8220;reorganized.&#8221; <\/p>\n<p>The organization intends to cut costs by an extra \u00a330 million yearly.<\/p>\n<p>The enterprise has a &#8220;clear vision for achievement and a plan to reach its objectives,&#8221; and intends to unveil six strategic plans. These plans will &#8220;boost operational excellence and create substantial value for the company.&#8221;<\/p>\n<p>Furthermore, a simplified market strategy will be implemented, divided into two categories. The first category comprises core markets (the UK, Italy, Spain, and Denmark), which have domestic scale and market leadership. The second category consists of optimized markets, where investment will be increased to &#8220;generate strong returns while maximizing cash flow across all markets.&#8221;<\/p>\n<p>In line with this market focus, a strategic review of the US B2C business, which was launched in the first quarter of 2024, will also consider potential cost reductions. 888 previously announced the possibility of selling its US B2C business. Numerically, 888 aims to achieve new medium-term goals to attain &#8220;high return on equity.&#8221; This will lead to a sustainable earnings growth rate of 5%-9% annually.<\/p>\n<p>888 will also endeavor to improve efficiency, expanding adjusted EBITDA margins by approximately 100 basis points per year. The group will also target more stringent capital allocation, with leverage below 3.5x by the end of 2026.<\/p>\n<p>Current Trading and CEO Outlook <\/p>\n<p>Although Widerstr\u00f6m characterized the firm&#8217;s financial results as &#8220;uninspiring&#8221; during the earnings call earlier today, he maintains a positive outlook regarding the company&#8217;s future possibilities.<\/p>\n<p>&#8220;It&#8217;s incredibly stimulating to unveil our value creation plan, effective strategies, fresh financial goals, and new brand identity,&#8221; he stated. &#8220;This day marks the commencement of a thrilling new chapter for this enterprise.<\/p>\n<p>&#8220;I firmly believe that the group now possesses all the essential elements for long-term success: a dominant position in expanding markets, substantial and escalating entry barriers; robust proprietary technology; a world-class leadership team; and some of the world&#8217;s most influential betting and gaming brands.&#8221;<\/p>\n<p>The company anticipates revenue ranging from \u00a3420 million to \u00a3430 million in the initial quarter of 2024 and has established a revenue growth target of 5%-9% for 2024. 888 also intends to decrease leverage to below 3.5 times by the conclusion of 2026. This corresponds to a \u00a3650 million reduction in company debt. It will also necessitate an increase in its adjusted EBITDA profit margin by 100 basis points annually.<\/p>\n<p>This is an exceptionally ambitious objective &#8211; as 888 aims to enhance revenue and profitability while concurrently reducing leverage. It&#8217;s noteworthy that 888 will not distribute dividends until the company&#8217;s leverage falls below 3 times. However, considering the target is to reach 3.5 times by the end of 2026, investors might have to patiently wait.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>888 Holdings is in the midst of a significant brand transformation and is rolling out a new strategy, despite the company&#8217;s continued financial losses in the 2023 fiscal year. 888 is planning a major brand overhaul, with revenue declining by 25% in fiscal year 2023. 888 Holdings reported adjusted earnings before interest, taxes, depreciation, and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>888 Holdings: Brand Overhaul Amidst Losses<\/title>\n<meta name=\"description\" content=\"888 Holdings is undergoing a major brand transformation despite facing significant financial losses in 2023. Learn more about their new strategy.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/888-holdings-reports-mixed-results-despite-brand-transformation\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"888 Holdings Reports Mixed Results Despite Brand Transformation\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"888 Holdings is undergoing a major brand transformation despite facing significant financial losses in 2023. Learn more about their new strategy.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/888-holdings-reports-mixed-results-despite-brand-transformation\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Win Big at Our Licensed Online Casino | Latest Games &amp; News\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T06:34:16+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/888-holdings-reports-mixed-results-despite-brand-transformation\/\",\"url\":\"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/888-holdings-reports-mixed-results-despite-brand-transformation\/\",\"name\":\"888 Holdings: Brand Overhaul Amidst Losses\",\"isPartOf\":{\"@id\":\"https:\/\/lionslotsnodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-28T06:34:16+00:00\",\"dateModified\":\"2024-06-28T06:34:16+00:00\",\"author\":{\"@id\":\"https:\/\/lionslotsnodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"888 Holdings is undergoing a major brand transformation despite facing significant financial losses in 2023. Learn more about their new strategy.\",\"breadcrumb\":{\"@id\":\"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/888-holdings-reports-mixed-results-despite-brand-transformation\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/888-holdings-reports-mixed-results-despite-brand-transformation\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/888-holdings-reports-mixed-results-despite-brand-transformation\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/lionslotsnodepositbonus.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"888 Holdings Reports Mixed Results Despite Brand Transformation\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/lionslotsnodepositbonus.icu\/#website\",\"url\":\"https:\/\/lionslotsnodepositbonus.icu\/\",\"name\":\"Win Big at Our Licensed Online Casino | Latest Games &amp; News\",\"description\":\"Stay informed with our regularly updated casino news, detailed game reviews, and expert articles. Experience the thrill of licensed online gambling at its finest.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/lionslotsnodepositbonus.icu\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/lionslotsnodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/lionslotsnodepositbonus.icu\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/freecashbonusnodepositcasino.icu\/wp-content\/uploads\/sites\/8\/2024\/06\/sticker-fox-96x96.png\",\"contentUrl\":\"https:\/\/freecashbonusnodepositcasino.icu\/wp-content\/uploads\/sites\/8\/2024\/06\/sticker-fox-96x96.png\",\"caption\":\"admin\"},\"description\":\"This talented writer and mathematician holds a Ph.D. in Applied Mathematics and a Masters in Probability Theory. With a deep understanding of the intricacies of casino games, they have published numerous articles on game theory, probability, and combinatorics in relation to gambling. Their expertise in discrete mathematics and stochastic processes has made them a sought-after consultant for licensed casinos worldwide. Their articles, reviews, and news pieces provide valuable insights into the world of casino gaming.\",\"sameAs\":[\"http:\/\/theworldcasino.vip\"],\"url\":\"https:\/\/lionslotsnodepositbonus.icu\/author\/ezvhu8xt\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"888 Holdings: Brand Overhaul Amidst Losses","description":"888 Holdings is undergoing a major brand transformation despite facing significant financial losses in 2023. Learn more about their new strategy.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/888-holdings-reports-mixed-results-despite-brand-transformation\/","og_locale":"en_GB","og_type":"article","og_title":"888 Holdings Reports Mixed Results Despite Brand Transformation","og_description":"888 Holdings is undergoing a major brand transformation despite facing significant financial losses in 2023. Learn more about their new strategy.","og_url":"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/888-holdings-reports-mixed-results-despite-brand-transformation\/","og_site_name":"Win Big at Our Licensed Online Casino | Latest Games &amp; News","article_published_time":"2024-06-28T06:34:16+00:00","author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Estimated reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/888-holdings-reports-mixed-results-despite-brand-transformation\/","url":"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/888-holdings-reports-mixed-results-despite-brand-transformation\/","name":"888 Holdings: Brand Overhaul Amidst Losses","isPartOf":{"@id":"https:\/\/lionslotsnodepositbonus.icu\/#website"},"datePublished":"2024-06-28T06:34:16+00:00","dateModified":"2024-06-28T06:34:16+00:00","author":{"@id":"https:\/\/lionslotsnodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0"},"description":"888 Holdings is undergoing a major brand transformation despite facing significant financial losses in 2023. Learn more about their new strategy.","breadcrumb":{"@id":"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/888-holdings-reports-mixed-results-despite-brand-transformation\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/888-holdings-reports-mixed-results-despite-brand-transformation\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/888-holdings-reports-mixed-results-despite-brand-transformation\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Homepage","item":"https:\/\/lionslotsnodepositbonus.icu\/"},{"@type":"ListItem","position":2,"name":"888 Holdings Reports Mixed Results Despite Brand Transformation"}]},{"@type":"WebSite","@id":"https:\/\/lionslotsnodepositbonus.icu\/#website","url":"https:\/\/lionslotsnodepositbonus.icu\/","name":"Win Big at Our Licensed Online Casino | Latest Games &amp; News","description":"Stay informed with our regularly updated casino news, detailed game reviews, and expert articles. Experience the thrill of licensed online gambling at its finest.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/lionslotsnodepositbonus.icu\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/lionslotsnodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/lionslotsnodepositbonus.icu\/#\/schema\/person\/image\/","url":"https:\/\/freecashbonusnodepositcasino.icu\/wp-content\/uploads\/sites\/8\/2024\/06\/sticker-fox-96x96.png","contentUrl":"https:\/\/freecashbonusnodepositcasino.icu\/wp-content\/uploads\/sites\/8\/2024\/06\/sticker-fox-96x96.png","caption":"admin"},"description":"This talented writer and mathematician holds a Ph.D. in Applied Mathematics and a Masters in Probability Theory. With a deep understanding of the intricacies of casino games, they have published numerous articles on game theory, probability, and combinatorics in relation to gambling. Their expertise in discrete mathematics and stochastic processes has made them a sought-after consultant for licensed casinos worldwide. Their articles, reviews, and news pieces provide valuable insights into the world of casino gaming.","sameAs":["http:\/\/theworldcasino.vip"],"url":"https:\/\/lionslotsnodepositbonus.icu\/author\/ezvhu8xt\/"}]}},"_links":{"self":[{"href":"https:\/\/lionslotsnodepositbonus.icu\/wp-json\/wp\/v2\/posts\/277"}],"collection":[{"href":"https:\/\/lionslotsnodepositbonus.icu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lionslotsnodepositbonus.icu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lionslotsnodepositbonus.icu\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lionslotsnodepositbonus.icu\/wp-json\/wp\/v2\/comments?post=277"}],"version-history":[{"count":0,"href":"https:\/\/lionslotsnodepositbonus.icu\/wp-json\/wp\/v2\/posts\/277\/revisions"}],"wp:attachment":[{"href":"https:\/\/lionslotsnodepositbonus.icu\/wp-json\/wp\/v2\/media?parent=277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lionslotsnodepositbonus.icu\/wp-json\/wp\/v2\/categories?post=277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lionslotsnodepositbonus.icu\/wp-json\/wp\/v2\/tags?post=277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}