Earnings+More - 888 issues a profit warning
Good morning. On today’s Earnings Extra agenda:
Everyone's sad they lost what they thought they had. 888 profit warningThe operator blames regulatory challenges for below expectations FY EBITDA. Call me if you get lost: 888 this morning blamed the “ongoing significant impact from compliance changes” across regulated markets for a predicted unquantified shortfall in FY23 profits.
Honestly, I’ve got this: Recall, 888 posted an H1 loss of £32.5m in mid-August, which the company also blamed on continued regulatory impacts from licensed markets. The operator reiterated its cash position, saying that with ~£162m of cash balances and undrawn credit facilities of £150m it had more than £300m of liquidity.
Hospital pass 2: The task of turning the ship around falls to incoming CEO Per Wideström, who starts in mid-October, and newly appointed CFO Sean Wilkins. Current executive chair Jon Mendelsohn said 888 was “making significant strides to improve the quality and long-term sustainability of our revenues, but performance in Q3 has been below our expectations”.
** SPONSOR’S MESSAGE ** Venture capital firm Yolo Investments manages in excess of €500m in capital across 100 exciting fintech, gaming and blockchain companies. The Yolo Investments' Gaming fund, regulated by the Guernsey Financial Services Commission, has taken positions in fast-growth suppliers and operators, including Dabble and Enteractive. Yolo Investments (yolo.io) wants to hear from readers of this newsletter. Get in touch with your pitch, or for a chat about innovative products which can plug into our investment ecosystem. XLMedia slideThe betting and gaming affiliate confirms previously indicated earnings slump in H1. Undersized: The company blamed a lack of new state launches in the US for a 33% slide in revenues for H1 to $29.4m. Adj. EBITDA was also down 39% to $6.5m as it reduced its headcount by 14%. Revenue derived from US sports betting almost halved to $16.2m while revenue from media partnerships fell by 40% to $12.2m.
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