(Sharecast News) - UK gambling firm 888 Holdings reported a sharp fall in interim profit on Friday, as the cost-of-living crisis and tougher online gambling safety rules hit the bottom line.
Pre-tax profit for the six-months to June 30 fell 66% to £14.4m from £41.9m last year. Revenue fell to £332.1m from £381m.
888 was also hit by higher costs associated with the purchase of William Hill's international assets, and expenses related to the disposal of its bingo business.
"Revenue in the second half of 2022 is expected to be in line with revenue in the first half of 2022," the company said.
"In the second half of 2022, our main focus is on integration (William Hill), delivering on our synergy plans, and driving higher profitability across the business," said chief executive Itai Pazner.
Reporting by Frank Prenesti at Sharecast.com
