888 falls after repeating downbeat guidance; CFO to leave in March By Investing.com

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888 falls after repeating downbeat guidance; CFO to leave in March

Published Jan 13, 2023 03:35AM ET Updated Jan 13, 2023 04:09AM ET

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888 falls after repeating downbeat guidance; CFO to leave in March

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By Geoffrey Smith

Investing.com -- Shares in gambling group 888 (LON:888) fell on Friday after the company said that an upturn in business due to the FIFA World Cup hadn't fully compensated a decline in its U.K. business due to government measures to cut addiction.

888 also said its chief financial officer Yariv Dafna will leave the company by mutual agreement after its full-year results are published at the end of March.

By 04:00 ET (09:00 GMT), 888 stock in London was down 4.0%.

The group's share price has tumbled over the last year as the outlook for the U.K. economy, where it makes most of its money, has darkened and the pandemic-era surge in online gaming receded further.

Total revenue fell 3% from a year earlier in the third quarter, adjusted to reflect the purchase of William Hill's non-U.S. international business. Online revenue, which accounts for around three-quarters of total revenue, fell 5%, while revenue at the mature retail bookmaking business rose 5%, to be up 7% on a comparable basis from 2019.

"Strong performances across a number of regulated countries (were) offset by the impact of proactive enhanced player safety measures within the U.K. Online segment," 888 said.

The group expects revenue to decline again in 2023, by a couple of percentage points but expects an adjusted margin before interest, taxes, depreciation, and amortization of at least 20%. It also upheld its medium target of at least £2 billion (£1 = $1.2237) of revenue, an adjusted EBITDA margin of at least 23%, and more than 35 pence in adjusted earnings per share by 2025.

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