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Nice digging Wolf. I do think the weak exchange rate has hit 888 hard here, along with other factors. The exceptional items (fines, tax settlements etc) mixed in with the management's focus being on a major takeover may have caused a poor first half. Hopefully, things can now start to refocus on the 888 business as a whole.
I had a look through the half year results this morning and I think what has spooked the markets is the deficit from operating activities in the cash flow statement. We've gone from a positive £51m to a deficit of £39m which is a hell of a swing.
However digging into the numbers had to settle historic tax claims - the amount paid in the cashflow is £25m. There is also a reduction in trade creditors payable of nearly £36m - it would be interesting to know what had fallen out of here unless it's currency related. I think we paid £10m in fines, so hopefully lots of one offs.
And also those investors taken in by the placing at £2.30 - shocking
Forgot to add to previous... William Hill revs could (or even, should) be enough to swing this into a FY positive compared to last year. Annoyingly as the balance sheet is from June, the debt isn't listed but is probably the number 1 biggest concern for me here at the moment. Financing the WH takeover would've been fine even a year ago, but with the macro economy and borrowing becoming more & more difficult the board must ease the concern regarding the leveraging ASAP.
This is a pretty disappointing set of results in a company I have firmly believed in and defended for the past few months. I don't think 888 is a bad business, but I also don't understand how you get -37% Y/Y revenue growth.
I'm assuming that a mixture of focusing on the WH Takeover & a really bad USD/GBP has had it's impact and all despite the pretty impressive growth into new markets.
If it means I can get much more for much less then that's fine by me. I still think the William Hill takeover is a good move, I just hope the company can keep it's eyes both on 888 and the takeover at the same time.
Feel for those who are still stung at the £3-4 range. Definitely going to be a long ride back up but I think it will go back and much higher at some point in the next year or two.
It’s not going bust, is it. Bad day at the office, but it’s not going to zero. Maybe 85, fill the gap and all that malarkey. Pretty painful, though. I’ll defo buy some if it gets near 80.
The scary thing about this is looking at the 4 hour chart there is no sign of a bottom.
We got to wait now until full year results which will carry six months of WH to have an idea of where we were at.
Anyway, if anyone does want to have a flutter, have a look at Playtech. I think they will reinstate their dividend on their next update. Short term, I can see 550p.
If it was easy, it would be boring. Investing in shares is a form of gambling. We try to be smarter then the MM and sell at a profit. With this type of gambling, we are more in control of when we want to throw in the chips.
Believe Brent Waker went under. Was owned by a Family of boxers. An early one I also remember around that time was Trafalgar House which owned the Savoy & Cunard liners. Was taken over within 2 weeks after I bought in. Wish I had been more lucky on others though as profits soon went on bad investing. Will I ever learn ?
Talking of Brent Walker, That was the first share I ever bought into. I remember that they owned the Hackney greyhound track. Can not remember if I sold at a profit or not. I'm sure that was in the early 1990's, maybe 1993.
It`s strange that every Company involved with William Hill sees it`s share price drop or go under. I`m starting back in the early days of Brent Walker in the late 80`s. As previously mentioned "William Hill is an albatross" and will serve no useful purpose for the Group.
I’m using freetrade+ buying 100 at a time (aiming for a few thousand). Current average 136.15p. No doubt it will fall further but some encouragement I think is that although 888 looks in decline, on the William Hill side revenue slipped only 1% and adjusted ebitda is up 26%
Saab I bought 1000 shares via HL for 135p so happy with that but.....888 management are rubbish and the William Hill deal hangs like an Albatross around their necks.
I am cautiously pessimistic but don't see 888 going bust!
Pazner is not up to it imo, he needs to go. They should be massively concentrating in the US
Wasn’t the large placing at £2.30 ?? I’m in at £1.85 and thought I had a bargain….
Something needs to change to give some confidence here for sure - director buys would be a start
I’m cautiously buying and won’t be surprised to see a few director’s buys from Itai Pazner’s “world class team” in due course.
Glad I sold out a while ago & waiting to get back in on drop. Wont be buying at this level now afer results which could see S.P. below £1.00 very soon.
Bloody hell, thought results were bad, but 135 is nuts!
down 16%