Actualización comercial posterior al cierre de 2023
17 enero 2024
888 explotaciones plc
("888" o "el Grupo")
Actualización comercial posterior al cierre de 2023
Important strategic and operational progress in FY23 setting the foundations for medium term value creation plan
888 (LSE: 888), one of the world's leading betting and gaming companies with internationally renowned brands including William Hill, 888 and Mr Green, today announces a post-close trading update for the three and 12 months ending 31 December 2023 ("Q4" and "FY23" respectively).
Sin auditar1 | Tres meses terminados en diciembre |
| Año terminado en diciembre | ||||||||
Millones de libras esterlinas | Q4 2023 | Q4 2022 | % Interanual |
| FY23 | FY222 | % Interanual | ||||
Reino Unido en línea | 165 | 172 | - 4% | 658 | 717 | - 8% | |||||
Mercado | 130 | 131 | - 1% | 535 | 519 | + 3% | |||||
Internacional | 129 | 154 | - 16% | 517 | 614 | - 16% | |||||
Los ingresos totales | 424 | 457 | - 7% |
| 1,711 | 1,850 | - 8% | ||||
Destacados
· Q4 revenue of £424m, 5% higher than Q3 2023 and down 7% year-over-year, with actives3 up 5% year-over-year, with ongoing growth in the customer base setting the foundation for sustainable future revenue growth.
· FY23 revenue of £1,711m, down 8% year-over-year driven primarily by a proactive mix shift away from dotcom markets, which impacted revenues by approximately £80m during FY23. Revenue was further impacted by customer mix changes in the UK as a result of additional safer gambling measures, alongside the change in the Group's marketing approach to focus more on sustainable revenue and profitability. Together, these changes have created a higher quality and more sustainable business mix, including approximately 95% of FY23 revenue being generated from regulated and taxed markets.
· UK&I Online: Revenue -8% to £658m, primarily driven by the impact of safer gambling changes and a refined marketing approach, with strong customer engagement (average monthly actives +11%) more than offset by the -18% reduction in average revenue per customer. Synergy delivery and focus on efficient marketing means Adjusted EBITDA for UK&I Online will be significantly higher year over year, despite the reduction in revenue.
· Retail: Revenue +3% to £535m with strong underlying performance driven by improved product offering through investment in SSBTs and gaming cabinets, more than offsetting a 3% reduction in the estate size during the year.
· Internacional: Revenue -16% to £517m (-17% in constant currency4) with significant impact from compliance changes in dotcom markets. Core markets of Italy and Spain both grew by double digits.
· Successful execution of synergies with the full, previously increased and accelerated, £150m synergy target savings to be delivered in 2024, helping to partly mitigate the impact of regulatory and compliance changes.
· The Group now expects Adjusted EBITDA Margin for FY23 to be approximately 18%, consistent with the previously indicated range of 18-19%.
· Cash (excluding customer balances) as at 31 December 2023 of approximately £125m, together with undrawn RCF of £150m, giving total liquidity of approximately £275m.
Strengthened Executive Team
· Over the course of the last 3 months, the group has significantly strengthened its management team, including the following key appointments to the executive management team:
· Como se anunció el 13 de septiembre de 2023, Sean Wilkins ha sido designado para el cargo de director financiero y asumirá su cargo el 1 de febrero de 2024. Vaughan Lewis continuará en su función como director de estrategia y también ha actuado como director financiero interino desde Octubre de 2023.
· Rik Barker has been appointed as Chief Information Technology Officer, and will take up his role on February 5, 2024. Rik has nearly 30 years' experience in cutting edge technology, and has previously been CIO for Flutter UK&I and Chief Technology Officer for Sky Betting & Gaming.
· Ian Gallagher was appointed as Chief Product Officer in December 2023. Ian has 15 years' experience in betting and gaming product development, and was previously Product Director for Flutter UK&I.
· Fredrik Ekdahl fue nombrado asesor general del grupo en octubre de 2023. Fredrik tiene más de 30 años de experiencia legal, con casi 20 años de experiencia en la industria de las apuestas y el juego, habiendo ocupado anteriormente puestos de alto nivel en PokerStars y Expekt.
· Jeffrey Haas was appointed as Chief Growth Officer in January 2024. Jeffrey has more than 20 years' experience in gaming and fintech startups and scale-ups, held senior roles for DraftKings, bwin.party and PokerStars, and has served as a strategic innovation advisor, executive and board member to VC-backed companies.
Outlook
· Positive outlook for FY24 revenue with consistent growth in active players driving confidence in strong revenue growth online in both the UK and International segments. Compliance and safer gambling impacts begin to annualise in February 2024, leading to a more positive outlook for average revenue per user.
· Global cost savings programme of approximately £30 million initiated in December 2023, alongside investment in further strengthening the Group's core capabilities in several areas such as intelligent automation and AI-powered data and insights.
· Cost savings to support an increase in marketing spend in 2024, with superior returns supported by a more effective customer and product lifecycle management plan.
· The above initiatives will enhance long-term profitability, but the additional investment means the Group currently expects 2024 Adjusted EBITDA to be at the low end of consensus range5.
· Under its new CEO Per Widerström, the Group intends to provide details on its evolved strategic and value creation plans, including new medium-term financial and strategic targets, at its full year results, which are expected to be released on 26 March 2024.
Per Widerström, director ejecutivo de 888, comentó:
"In FY23 the Group made important strategic and operational progress in the face of some significant regulatory and compliance headwinds. I am pleased to say that the business has enhanced its foundations for sustainable and profitable growth including significantly strengthening compliance, refining its approach to marketing investment, and increasing its focus on recreational customers.
I have joined the business at both an exciting and important time. There are clear opportunities to unlock our significant potential, but as a business we know that going forward we must be more proactive in adapting to changes in regulation and technology. We are now taking rapid actions to position the Group for future success, reducing our overhead costs and freeing up funds to invest in growth based upon our new strategy and value creation plan. The financial performance of the Group must improve, and the actions we are taking will build a leaner, more agile, and more effective organisation structure, as well as establishing a more effective management of the customer and product life cycle. These plans support material value creation and significantly higher profits over the coming years.
I have been working hard with the Board, our strengthened executive team, and the talented people across the business to refine our strategic framework, which is being translated into a value creation plan, and am confident that we are poised to deliver deleveraging and strong shareholder returns in the coming years. I am looking forward to outlining our 2024-2026 plan alongside our full year results in late March."
Notas
1 Note all numbers in this statement are unaudited. Totals and percentage changes have been calculated based on the underlying numbers. Any differences due to rounding.
2 El año fiscal 22 es proforma como si 888 hubiera sido propietario de William Hill durante todo el período (la adquisición se completó el 1 de julio de 2022) y excluye el negocio de bingo 888 (vendido en julio de 2022).
3 Actives represents average monthly online actives, being any player who has wagered a stake during the relevant period.
4 Constant currency growth is calculated by retranslating the non-sterling denominated component of prior year revenues at current year exchange rates
5 Analyst consensus is available on the Group's website here https://corporate.888.com/investors/shareholder-information/analyst-consensus/. The consensus range for FY24 Adjusted EBITDA as of the date of this release was £340-397m.
Este anuncio contiene información privilegiada.
Consultas y más información:
888 explotaciones plc | 44 + (0) 800 029 3050 |
Per Widerström, director ejecutivo Vaughan Lewis, director financiero interino y director de estrategia | |
Relaciones con los inversores James Finney, director de IR
Medios |
|
hudson sandler Alex Brennan/Charlotte Cobb/Andy Richards | 44 + (0) 207 796 4133 |
Acerca de 888 Holdings Plc:
888 Holdings plc (y junto con sus filiales, "888" o el "Grupo") es una de las empresas de juegos y apuestas líderes en el mundo. El Grupo posee y opera marcas de renombre internacional, incluidas William Hill, 888 y Mr Green. Además, el Grupo opera las marcas SI Sportsbook y SI Casino en EE. UU. en asociación con Authentic Brands Group.
Constituido en Gibraltar y con sede y cotización en Londres, el Grupo opera desde oficinas en todo el mundo y emplea a más de 11,000 personas en todo el mundo.
La misión del Grupo es liderar el mundo del juego en la creación de las mejores experiencias de apuestas y juegos, aportando momentos de emoción inigualables a la vida cotidiana de las personas. Lo logra mediante el desarrollo de tecnología de punta y productos ricos en contenido que brindan entretenimiento de juegos y apuestas divertido, justo y seguro a clientes de todo el mundo.
Encuentra más información en:
http://corporate.888.com/
Avisos Importantes
Este anuncio puede contener ciertas declaraciones, creencias u opiniones prospectivas con respecto a la situación financiera, los resultados de las operaciones y los negocios de 888. Estas declaraciones, que contienen las palabras "anticipar", "creer", "pretender", "estimar ", "esperar", "puede", "hará", "buscar", "continuar", "objetivo", "objetivo", "proyectado", "plan", "objetivo", "lograr", palabras de significado similar u otras declaraciones prospectivas, reflejan las creencias y expectativas de 888 y se basan en numerosas suposiciones con respecto a las estrategias comerciales presentes y futuras de 888 y el entorno en el que operará 888 y están sujetos a riesgos e incertidumbres que pueden causar que los resultados reales difieran materialmente. No se hace ninguna representación de que cualquiera de estas declaraciones o pronósticos se cumplirán o de que se lograrán los resultados de los pronósticos. Las declaraciones prospectivas implican riesgos, incertidumbres y contingencias inherentes conocidos y desconocidos porque se relacionan con eventos y dependen de circunstancias que pueden ocurrir o no en el futuro y pueden causar que los resultados, el rendimiento o los logros reales de 888 sean materialmente diferentes de los expresado o implícito en dichas declaraciones a futuro. Muchos de estos riesgos e incertidumbres se relacionan con factores que están más allá de la capacidad de 888 para controlar o estimar con precisión, como las condiciones futuras del mercado, las fluctuaciones monetarias, el comportamiento de otros participantes del mercado, las acciones de los reguladores y otros factores como la capacidad de 888 para continuar obtener financiamiento para satisfacer sus necesidades de liquidez, cambios en el marco político, social y regulatorio en el que opera 888 o en las tendencias o condiciones económicas o tecnológicas. No se puede confiar en el rendimiento pasado de 888 como guía para el rendimiento futuro. Como resultado, se le advierte que no deposite una confianza indebida en dichas declaraciones prospectivas. La lista anterior no es exhaustiva y existen otros factores que pueden hacer que los resultados reales de 888 difieran materialmente de las declaraciones prospectivas contenidas en este anuncio. Las declaraciones a futuro se refieren solo a su fecha y 888, sus respectivas empresas matrices y subsidiarias, las empresas subsidiarias de dichas empresas matrices y cualquiera de los respectivos directores, funcionarios, empleados, agentes, afiliados o asesores de dicha persona renuncian expresamente a cualquier obligación de complementar, modificar, actualizar o revisar cualquiera de las declaraciones prospectivas hechas en este documento, excepto cuando así lo exija la ley aplicable. Ninguna declaración en este anuncio pretende ser un pronóstico de ganancias o una estimación de ganancias y ninguna declaración en este anuncio debe interpretarse en el sentido de que el desempeño financiero de 888 para los años financieros actuales o futuros necesariamente igualaría o superaría el histórico publicado para 888.
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.