Conversely, 888 Casino has increased its collaboration objective from £100m to £150m due to William Hill’s complimentary business. Lord Mendelsohn, executive chair of 888, stated that the company is still on course to increase its profitability in 2023 as long as its strategic objectives are met. Analysts Regulus Partners agreed that the company’s approach was sound but warned that it faced a future of declining competitiveness.
2022 Annual Outcomes
The company saw a 74% increase in sales in 2022, totalling £1.24 billion and an 82% increase in adjusted EBITDA, reaching £217.9 million. Even after accounting for the boost in sales from the William Hill purchase, the company’s organic revenue was down 3% from 2021 levels.
In terms of breakdown, the company’s internet sales dropped by 15% in 2022, while its retail sales surged. The decline in the online sector was attributed to the operator’s safer gaming measures deployed in the UK before gambling reform. Similarly, the operator’s decision to cease operations in the Netherlands beginning in the fourth quarter of 2021 was a major cause.
Recruitment Process for a New CEO
After Pazner’s departure in January, Mendelsohn, the chairman, assumed the position of executive chair in the interim. 888 stated that the board is progressing toward a new chief executive officer. In addition, Yariv Dafna, the company’s CFO and executive director, will stay in his role until the end of 2023, as was previously reported.
Having a permanent CEO in place is a top objective for the board and we have an excellent operational leadership team in place,” said Mendelsohn. He further stated that the company was pleased with the number and quality of applicants it has spoken with thus far.