888 Lowers Full Year Earnings Following Bad Run of Results
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Gambling company 888 has given a trading update warning it previous expectations on revenues for the full year will be 10% lower than forecast.
The gambling giant said that September had been a bruising month for their business with more than expected favourites and sporting events going against the company and in favour of the customer.
Revenues in the past three months have been dented by a string of “customer friendly sports results”, 888 said in an update to investors, as well as slower than expected customer activity and tightening regulation in the UK.
The news comes as incoming new chief executive prepares to take the reins in the middle of October.
“We are making significant strides to improve the quality and long-term sustainability of our revenues, but performance in Q3 has been below our expectations, and this means we now expect to end the year with EBITDA below our prior expectation,” said Lord Mendelsohn, executive chair of 888.
“The hard work the team has undertaken so far this year has set very strong foundations for the future of the business and our synergy delivery is well on track.”
He went on to say that the firm was “strongly focused on investing to deliver good levels of expected revenue growth in 2024” and it was progressing towards its target of more than £2bn of revenue in 2025.
