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(Alliance News) - 888 Holdings PLC on Wednesday said revenue fell in the final quarter of 2023, but it anticipates growth in adjusted earnings in the year ahead.
888 Holdings shares were down 7.4% to 75.03 pence each on Wednesday morning in London.
The Gibraltar-based betting operator with the William Hill and Mr Green brands said it expects a revenue decline of 7.2% to GBP424 million in the fourth quarter of 2023 from GBP457 million a year prior.
For all of 2023, 888 anticipates a revenue fall of 7.5% to GBP1.71 billion from GBP1.85 billion in 2022.
Chief Exective Per Widerstrom said: "In FY23 the group made important strategic and operational progress in the face of some significant regulatory and compliance headwinds."
Looking ahead, 888 said the outlook for 2024 was "positive", noting consistent growth in active players. It expects 2024 adjusted earnings before interest, tax, depreciation and amortisation at the low end of the consensus range of GBP340 million to GBP397 million, still higher than GBP217.9 million in 2022.
888 didn't provide an estimate for 2023 earnings on Wednesday, but it did say its adjusted Ebitda margin will be about 18%, in line with prior guidance of 18% to 19%.
The company expects to release its 2023 results on March 26, alongside its business plan for 2024 to 2026.
By Tom Budszus, Alliance News slot editor
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